FILE PHOTO: Tesla and SpaceX CEO Elon Musk arrives to the inauguration of U.S. President-elect Donald Trump in the Rotunda of the U.S. Capitol on January 20, 2025 in Washington, DC. Chip Somodevilla/Pool via REUTERS/File Photo

Healthcare organizations and 22 states have sued to stop the cuts. The case is expected to reach the Supreme Court.

A federal judge in Massachusetts indicated she would move quickly to consider a more lasting injunction after hearing a laundry list of potential adverse effects of the Trump administration move to cut billions in funding.

Block was on pace for its worst day on the stock market since 2020 after the company reported an earnings miss.

Block reported fourth-quarter profit of 71 cents per share Thursday, falling short of average analyst estimates of 87 cents per share, CNBC reported, citing LSEG data. Fourth-quarter revenue came in at $6.03 billion, falling short of analysts’ expectations of $6.29 billion.

Block Inc. shares sank the most in almost five years after the digital-payments company posted fourth-quarter profit and revenue that fell short of analysts’ forecasts.