Overview

• Block reduced its 2025 gross profit growth forecast to 12%, down from 15%, citing a challenging macroeconomic environment and shifting consumer spending patterns.
• First-quarter profit fell 60%, driven by a $93.4 million bitcoin remeasurement loss, as cryptocurrency revenue declined 15.7%.
• Cash App gross profit grew 10% to $1.38 billion but fell short of internal expectations due to a slowdown in discretionary spending.
• The company reported $5.8 billion in total revenue and $190 million in net income, both below analysts' forecasts of $6.2 billion and $314 million, respectively.
• Block aims to drive future growth by leveraging FDIC approval for short-term Cash App Borrow loans and focusing on underserved demographics like teens and families.