Block was on pace for its worst day on the stock market since 2020 after the company reported an earnings miss.

Block reported fourth-quarter profit of 71 cents per share Thursday, falling short of average analyst estimates of 87 cents per share, CNBC reported, citing LSEG data. Fourth-quarter revenue came in at $6.03 billion, falling short of analysts’ expectations of $6.29 billion.

Block Inc. shares sank the most in almost five years after the digital-payments company posted fourth-quarter profit and revenue that fell short of analysts’ forecasts.

FILE PHOTO: Tesla and SpaceX CEO Elon Musk arrives to the inauguration of U.S. President-elect Donald Trump in the Rotunda of the U.S. Capitol on January 20, 2025 in Washington, DC. Chip Somodevilla/Pool via REUTERS/File Photo

Healthcare organizations and 22 states have sued to stop the cuts. The case is expected to reach the Supreme Court.

A federal judge in Massachusetts indicated she would move quickly to consider a more lasting injunction after hearing a laundry list of potential adverse effects of the Trump administration move to cut billions in funding.