Jack Dorsey's Block Inc. has been notifying hundreds of employees that their jobs may be eliminated during annual performance reviews as the payments firm embarks on a broader business overhaul. Up to 10% of Block's workforce is at risk of being cut, according to people familiar with the matter who were granted anonymity to discuss sensitive information. The company had fewer than 11,000 employees as of late-November, an executive said at the time.
Block didn't immediately respond to a request for comment sent to its press email outside normal business hours.
Block has been retooling its business model and staffing since 2024, when it reorganised reporting lines and outlined a plan to operate more efficiently. It is trying to integrate peer-to-peer payments vehicle Cash App with its merchant-oriented service Square, while also growing other initiatives like the Bitcoin mining business Proto and an artificial intelligence tool, Goose.
The job cuts have been happening across different teams as managers perform year-end evaluations that go through late-February, the people familiar said. That may help Block achieve a target executives laid out at an investor day last year, pledging to produce nearly $12 billion in gross profit for 2026, predicting growth in in the mid-teens range through 2028.
However, the company's recent earnings performance has been inconsistent and its share price is down significantly over the past year.
Block is set to report earnings again after the market closes on Feb. 26. Analysts expect it to report adjusted earnings of $403 million, or 68 cents per share, for the fourth quarter on revenue of $6.25 billion.
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