Block (ASX:XYZ) downgraded its full-year profit guidance as it reported disappointing results for the first quarter, sending its shares to an all-time low, according to a Friday filing with the Australian bourse.

The company, which develops payments technology products, now sees gross profit for the year to grow 12% to $9.96 billion, compared with its prior forecast for an "at least 15%" increase.

Adjusted operating income is expected to reach $1.90 billion, compared with a previous guidance of $2.1 billion.

It noted that its revised forecasts reflect a "more cautious stance on the macro outlook."

Earlier in the day, the company reported Q1 adjusted net income and revenue that were both below analysts' expectations. Block attributed the results to Cash App's weaker-than-expected profit growth on the back of softer inflows and card spend.

For the second quarter, Block sees gross profit of $2.45 billion, up 9.5% year on year.

The company's shares tumbled nearly 25% in recent morning trade.