Shares of Block Inc. are on a downward spiral after the parent of the popular money-transfer app Cash App reported results that suggest weakness in the company’s efforts to convert millions of active users into full-fledged banking customers.

Block's shares fell 22% on Friday, hitting their lowest since November 2023 after the payments firm cut its profit forecast for the year. At least eight brokerages reduced their price targets on the stock,

The parent company of Cash App and Square noticed changes to consumer spending as a result of the macro environment.