Layoff news: Jack Dorsey’s Block plans 10% job cuts during performance reviews amid ‘business overhaul’
Twitter co-founder and entrepreneur Jack Dorsey’s technology company Block Inc. plans to lay off 10% of its workforce amid performance reviews in an effort to “overhaul” its business, according to a report published Feb. 8 in Bloomberg.
The report, based on sources, stated that Block informed hundreds of workers that their jobs could be cut during annual performance evaluations. It was stated that the company employed 11,000 personnel as of the end of November.
According to the report, Block did not respond to questions asked outside business hours.
Overview of Jack Dorsey’s Block Inc
Founded in 2009 as Square, Block has grown from a payment processor into a broader fintech player offering peer-to-peer transfers, merchant services and, increasingly, consumer loans.
In July last year, it joined the S&P 500 index, replacing Hess Corp. in the indicator after Chevron Corp. acquired the energy producer for $53 billion.
The report stated that the company has reorganized its business model and staff since 2024, as it has reorganized its reporting lines and outlined a more efficient working plan.
Bloomberg added that Block is working to integrate its peer-to-peer payment tool Cash App with its merchant-focused service Square, while also growing other ventures such as Bitcoin mining business Proto and artificial intelligence (AI) tool Goose.
The company will report earnings after the market closes on February 26. Analysts expect it to report adjusted earnings of $403 million, or 68 cents per share, on revenue of $6.25 billion in the fourth quarter.
Performance-based dismissals
In early March 2025, Dorsey’s Block reportedly laid off 931 people; This affected employees at widely used platforms including Square, CashApp, and Tidal.
According to a report published in the Times of India at the time, Dorsey conveyed the news to staff in an internal email and emphasized that these moves were not financially motivated and were not aimed at replacing human workers with artificial intelligence. He said the cuts are part of strategic efforts to streamline operations, improve performance and reduce management layers.
Has the rise of artificial intelligence demanded more jobs?
Notably, in January, Bloomberg reported that tech and e-commerce giant Amazon was shedding thousands of white-collar roles across all divisions, including Amazon Web Services (AWS), its People Experience and Technology unit (human resources), Prime Video, and retail. This was part of a plan to reduce the workforce by 30,000 people, sources said. A Reuters report linked the layoffs to the increased use of artificial intelligence.
During the company’s Q3 earnings call, CEO Andy Jassy told analysts that the cuts were not due to AI or financial reasons, but rather “culture.” He added: “You meet a lot more people than you ever had before and you encounter a lot more layers.”
Jassy said he expects the company’s corporate workforce to decrease as AI productivity increases in 2025.
(With input from Bloomberg)
