US Stock Market Move | Q1 performance fell short of expectations, Block (XYZ.US) plummeted over 21%

On Friday, Block (XYZ.US) fell over 21%, hitting a new low for the year at $45.86. On the news front, the company's adjusted earnings per diluted share for the first quarter were $0.56, higher than the $0.47 in the same period last year, with analysts surveyed by FactSet expecting $0.97. Revenue dropped to $5.77 billion, less than the $5.96 billion from the same period last year, while analysts surveyed by FactSet expected $6.19 billion. CEO Jack Dorsey stated in a letter to shareholders, "Our growth in the first half of this year did not meet our standards. We understand the reasons for the recent slowdown in growth and have factored our latest views on the macro environment into our revised guidance for the year."