Payment platform Block said it will cut more than 4,000 employees, sending its shares up 24 percent, CNBC reported on Feb. 26. Block CEO Jack Dorsey (잭 도시) said in a letter to shareholders that the company made a difficult decision and would reduce total headcount from 10,000 to below 6,000.
Chief Financial Officer Amrita Ahuja said it is a measure to automate work and shift to smaller teams using AI to prepare for long-term growth.
Block disclosed the job cuts plan alongside its fourth-quarter results. Block said fourth-quarter adjusted earnings per share were 65 cents and revenue was $6.25 billion, in line with market expectations. Its annual adjusted earnings per share forecast was $3.66, above the market expectation of $3.22.
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Chi-gyu Hwang
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