Aniket PujariTwitter co-founder and entrepreneur Jack Dorsey‘s tech company Block Inc. plans to lay off 10% of its workforce during performance reviews, with aim to “overhaul” its business, according to a Bloomberg report on 8 February.
Block has notified hundreds of workers their jobs could be cut during the annual performance reviews, the report said, citing sources. The company employed 11,000 staff as of November-end, it added.
Block did not respond to queries outside of business hours, as per the report.
Overview of Jack Dorsey’s Block Inc
Founded in 2009 as Square, Block has evolved from a payments processor into a broader fintech player, offering peer-to-peer transfers, merchant services, and increasingly, consumer lending.
In July last year, it joined the S&P 500 index, replacing Hess Corp. in the benchmark, following Chevron Corp.’s $53 billion acquisition of the energy producer.
Since 2024, the company has been retooling its business model and staffing, as it reorganised reporting lines and outlined a plan to operate more efficiently, the report said.
Bloomberg added that Block is trying to integrate peer-to-peer payments vehicle Cash App with its merchant-oriented service Square, while also growing other initiatives such as the Bitcoin mining business Proto, and an artificial intelligence (AI) tool, Goose.
The company is set to report earnings after the market closes on 26 February. 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.
(With inputs from Bloomberg)
