Block (NYSE: XYZ) stock is selling off quickly in Friday's trading. The company's share price was down 9.5% as of 12:30 p.m. ET. At the same point in the day's trading, the S 500 was down 1%, and the Nasdaq Composite was down 2%.

Block published its third-quarter results after the market closed yesterday and posted sales and earnings that missed Wall Street's forecasts. While the company raised its forward guidance for annual gross profits, the improved target hasn't been enough to prevent a valuation pullback for the stock.

Image source: Block.

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Source Fool.com