Block Inc., the payments company led by Jack Dorsey (잭 도시), has begun restructuring and notified hundreds of employees that layoffs are possible, Cointelegraph reported on Saturday, citing Bloomberg.
Block could cut up to 10 percent of its workforce during the revamp, the report said. The move follows a 2024 overhaul and is part of efforts to improve operating efficiency and adjust its product lines.
Block is working to strengthen connectivity between the peer-to-peer payments platform Cash App and the merchant payments service Square. It is also pushing to expand its bitcoin (BTC) mining unit Proto and its artificial intelligence (AI) project Goose.
Block is set to report fourth-quarter results on Feb. 26. Analysts expect revenue of $6.25 billion and adjusted net income of $403 million.
Chi-gyu Hwang
delight@d-today.co.kr