Block Faces Job Cuts Amid Business Overhaul

Block Inc., led by Jack Dorsey, is implementing a significant business overhaul that includes potential workforce reductions. Hundreds of employees have received notifications that their jobs may be eliminated as part of annual performance reviews, which are ongoing and expected to conclude by late February. Up to 10% of the company's workforce, which numbered fewer than 11,000 employees in late November, is reportedly at risk.

The company has been retooling its business model and staffing since 2024, reorganizing reporting lines to enhance operational efficiency. A key focus is the integration of the peer-to-peer payments service Cash App with the merchant-focused service Square. Block is also investing in other ventures, such as its Bitcoin mining business, Proto, and an artificial intelligence tool named Goose.

Executives have set ambitious financial targets, pledging nearly $12 billion in gross profit for 2026 and projecting mid-teen growth through 2028. However, Block's recent financial performance has been inconsistent, with a notable decline in its share price over the past year. The company is scheduled to report its fourth-quarter earnings on February 26th, with analysts anticipating adjusted earnings of $403 million, or 68 cents per share, on revenue of $6.25 billion.