What's Going On With Block Inc Stock?

Block, Inc. SQ shares are lower Friday, and the stock has fallen nearly 10% in the last five days. Here's a look at what's going on:

What To Know:

On Wednesday, a French payment processing company Worldline slashed its guidance as the economic slowdown continues to weigh on sales and profitability. Investors may be afraid of U.S. payment companies following suit. 

The stock may also be falling as macroeconomic pressures including inflation and rising interest rates put pressure on the consumer and reduce consumer spending. 

Block, Inc. is set to report its third-quarter financial results on Nov. 2 after the market close and will host a conference call to discuss the results at 5:00 p.m. ET the same day. According to estimates from Benzinga Pro, Block is expected to report earnings of 47 cents per share and quarterly revenue of $5.437 billion. 

Shares of SQ are moving on above-average volume Friday. According to data from Benzinga Pro, more than 12 million shares have been traded in Friday's session, compared to the stock's 100-day average of 11.077 million shares.

Related News: Why SeaStar Medical Holding Company Stock Is Soaring 

SQ Price Action: According to Benzinga Pro, Block Inc. shares are down 3.29% at $40.31 at the time of publication.

Image: Megan Rexazin from Pixabay