Jack Dorsey's Block Plans to Lay Off 10%

BlockBeats News, February 8th. According to Cointelegraph, Jack Dorsey's Bitcoin payment company Block is undergoing a broader restructuring. The company has started notifying hundreds of employees that their positions may be eliminated in the annual performance review, with layoffs potentially reaching up to 10%.

Block initiated a restructuring plan in 2024 to improve efficiency and adjust its product line. The company is focused on more closely integrating its peer-to-peer payment platform Cash App with its Square merchant services division. Block is expected to release its quarterly earnings report on February 26th. Analysts predict that Block's fourth-quarter profit will reach $403 million, with revenue hitting $6.25 billion.