Block (XYZ) weighs cutting up to 10% of jobs: Bloomberg

Block Inc., the payments company led by Jack Dorsey, is reportedly weighing a reduction of its workforce by as much as 10%, according to sources familiar with the matter cited by Bloomberg. Hundreds of employees across the company, which owns Cash App and Square, have already been informed that their jobs are at risk as part of a broader overhaul of the Oakland, California-based firm. Block also operates Bitkey, Proto (for bitcoin mining), and the Spiral unit focused on open-source bitcoin projects. In 2023, the company had set a cap of 12,000 employees and had fewer than 11,000 as of November. Block's shares have declined 14% this year, contrasting with the S&P 500's rise. The company is scheduled to report fourth-quarter earnings on February 26.

(Source：CoinDesk)