Block’s first quarter profit falls as spending slowdown fears mount

(Reuters) – Payments firm Block reported a fall in first-quarter profit on Thursday, highlighting worries about reduced consumer spending due to the ongoing trade tensions between the U.S. and China.

Net income attributable to its common stockholders was $189.9 million, or 30 cents per share, for the three months ended March 31, compared with $472 million, or 74 cents per share, a year earlier.

The Jack Dorsey-led firm also cut its guidance for 2025 gross profit growth to 12% from 15%.

(Reporting by Ateev Bhandari in Bengaluru; Editing by Tasim Zahid)