The Block Inc (ASX: SQ2) share price opened in the red this morning before continuing its downwards slide.
The Block share price opened 5.9% lower at $118.63 before plummeting to its intraday low of $116.42 – representing a 7.7% slump.
It has since recovered slightly to trade at $118.33, at the time of writing, That’s 6.15% lower than it was at the end of Thursday’s session.
Let’s take a brief look at today’s release from the payment services provider and owner of former ASX market darling Afterpay.
Block share price slumps on quarterly earnings
As my Fool colleague James reported earlier this morning, Block’s earnings for the June quarter were mostly in line with the market’s expectations.
It posted US$4.4 billion of revenue – a 6% drop from the prior corresponding period.
However, the real weight on the Block share price is likely the company’s outlook.
It expects Square’s GPV [gross payments volume] to be up 18% year on year in July – down from 25% in the June quarter. Meanwhile, it failed to elaborate on the expected growth rate of its Cash App business.
It also flagged US$75 million of expected additional operating expenses for the current quarter.
Today’s fall included, the Block share price is 33% lower than it was when it hit the ASX in January.