Block (XYZ) shares fell sharply on Friday after the financial services and digital payments company cut its full-year gross profit outlook, which came in below the average analyst estimate.

For the first quarter, the company behind Square and CashApp reported adjusted earnings per share of 56 cents, well above analyst estimates of 47 cents. However, revenue came in at around $5.7 billion, missing the forecast of $6.2 billion.

Looking ahead, Block expects full-year adjusted operating income of $1.9 billion, representing a 19% gross margin, down from its prior guidance of $2.1 billion. It also expects a full-year gross profit of $9.96 billion, below the consensus estimate of $10.18 billion.

The payments processor cited the economic uncertainty for its cautious outlook.

“We recognize we are operating in a more dynamic macro environment, so we have reflected a more cautious stance on the macro outlook into our guidance for the rest of the year,” Block said in its shareholder letter.

Several Wall Street analysts, including Wells Fargo analyst Andrew Bauch, downgraded the stock to “Equal Weight” from “Overweight” and lowered its price target to $50 from $95.

Bauch stated that it is too difficult to recommend the shares at their current level, citing “(1) a heavily back half weighted guide, (2) growing credit contributions and (3) numerous Cash App monetization red flags.”