Jack Dorsey’s Block may cut up to 10% of staff in business overhaul: Report
Analysts forecast Block to post $403 million in Q4 profit on $6.25 billion revenue, following a third quarter marked by strong gross profit growth but mixed market reaction.
Jack Dorsey’s payments company Block Inc. has begun informing hundreds of employees that their roles could be eliminated during annual performance reviews, as the firm undertakes a wider restructuring effort.
As much as 10% of Block’s workforce may be affected, Bloomberg reported on Sunday, citing people familiar with the matter. The company employed just under 11,000 people as of late November, an executive reportedly said at the time.
The potential layoffs come as Block reshapes its operations following a reorganization launched in 2024 aimed at improving efficiency and aligning its product lines. The company is working to more closely link its peer-to-peer payments platform Cash App with its merchant services arm Square.
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