Jack Dorsey’s digital payments company Block Inc. is reportedly considering job cuts that could affect up to 10% of its workforce as part of an ongoing effort to streamline operations and refocus its core businesses.
Block Restructuring Targets Efficiency and Integration
According to people familiar with the matter, hundreds of employees have been notified that their roles may be eliminated during the company’s annual performance review process. Block employed just under 11,000 people as of late November, meaning the potential reductions could impact more than 1,000 positions.
The possible layoffs are tied to a broader reorganization that began in 2024. The overhaul aims to improve operational efficiency and better integrate Block’s key platforms, particularly its peer-to-peer payments app Cash App and merchant services unit Square. At the same time, the company continues to invest in newer initiatives, including its Bitcoin mining business Proto and an internal artificial intelligence project known as Goose.
Block Earnings Outlook and Bitcoin Exposure
Block is scheduled to report fourth-quarter earnings on Feb. 26. Analysts expect adjusted profit of approximately $403 million on revenue of about $6.25 billion. In the third quarter, the company posted net income of $461.5 million, with gross profit rising 18% year over year, driven by strong growth at Cash App and Square.
Bitcoin-related activity remains a significant contributor to revenue, despite lower trading volumes compared with last year. Block held 8,780 Bitcoin by the end of September, underscoring its continued exposure to the digital asset sector as it reshapes its business.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.