Shares of Block Inc (ASX:SQ2) experienced a plunge as high as 11.4% to A$103.00, recording their largest intraday percentage drop since March 24.

The stock of Block Inc (ASX:SQ2) reached its lowest point since July 11.

The digital payments company, led by Jack Dorsey, reported that July’s growth in gross profit stands at 21% compared to 27% in Q2.

The company also recorded Q2 net losses attributable to a total of $122.5 million, an improvement from the $208 million loss in the previous year.

In an earnings call, Chairman Jack Dorsey emphasized the company’s commitment to cost-cutting measures, outlined by a hiring slowdown strategy and revising share-based compensation.

As of the last close, the shares of Block Inc (ASX:SQ2) listed on the ASX have risen 26.5% year-to-date.

Block Inc is a digital payments company led by Jack Dorsey.