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 and were on track for the biggest intraday decline in five years after a 2025 profit forecast cut raised concerns about the payment firm's key businesses.

The company reported adjusted net income of $0.56 per share for the three months ended March 31, while analysts expected it to post $0.94 per share.