Why Payments Provider Block's Stock Plunged Friday
1. Block's shares fell nearly 8% after a disappointing earnings report. 2. Earnings of 54 cents per share missed Wall Street expectations. 3. Cash App's gross profit rose 24%, significantly outpacing Square's 9%. 4. Block raised full-year gross profit guidance despite increased expenses. 5. General and administrative costs increased by nearly $70 million this quarter.