(Reuters) -Block missed Wall Street estimates for third-quarter profit on Thursday amid persistent economic uncertainty and intensifying competition in the payments sector, sparking a more than 11% slide in its shares after the bell.

The company’s Square segment, which provides payments solutions to small- and medium-sized businesses, reported gross profit of $1.02 billion, up from $932 million a year ago. However, growth slowed to 9% from a 16% seen in the year-ago quarter.

Bitcoin revenue fell to $1.97 billion in the quarter ended September 30, from $2.43 billion. The company facilitates bitcoin purchases by acquiring the cryptocurrency through private-broker dealers and reselling it at a small premium.

Cash App, however, posted a higher gross profit and showed better growth from a ye

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