Jack Dorsey says Block to cut over 40% of workforce as stock surges 25% after earnings

Block CEO Jack Dorsey announced that the company will reduce its workforce by over 40%, cutting more than 4,000 jobs, reducing headcount from over 10,000 to under 6,000. This sweeping layoff was detailed in a note released alongside Block's latest earnings report, which showed stronger-than-expected financial projections, including first-quarter operating income guidance of $600 million, surpassing analyst estimates. Dorsey stated the cuts are not due to financial distress but are a strategic restructuring driven by advances in intelligence tools and flatter teams, preferring one decisive action over gradual reductions. Investors reacted positively to the news, sending Block shares up nearly 25% in post-market trading. Affected employees will receive severance packages including 20 weeks of salary, equity vesting through May, six months of healthcare, and transition support.

(Source：Crypto Briefing)