Block Inc logo is seen displayed in this illustration taken, April 10, 2023. REUTERS/Dado Ruvic/Illustration
(Reuters) -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 selloff wiped off nearly $8 billion from the Jack Dorsey-led company's market value. At least eight brokerages reduced their price targets on the stock, citing weakness in the company's peer-to-peer Cash App and mounting competition.
