Jack Dorsey’s payments firm Block Inc. is preparing for potential layoffs affecting as much as 10% of its workforce, according to people familiar with the matter. The company is informing hundreds of employees during annual performance reviews as part of a wider restructuring effort launched in 2024. This push for efficiency coincides with Block expanding its newer Bitcoin and artificial intelligence initiatives while working to more closely integrate its Cash App and Square platforms.
Block Inc. has begun informing employees that their roles could be eliminated, potentially affecting up to 10% of its nearly 11,000-person workforce. This action is part of an ongoing restructuring effort aimed at improving efficiency and better aligning its product lines.
The company is scheduled to release its quarterly earnings on Feb. 26. Analysts expect an adjusted profit of about $403 million on revenue of roughly $6.25 billion for the fourth quarter.
For the previous third quarter, Bitcoin generated about $2 billion in revenue for Block. The company held 8,780 BTC worth over $1 billion by the end of September, recording a $59 million quarterly valuation loss.
In a related development, Square rolled out a Bitcoin payment option for merchants in November last year. This allows sellers to accept BTC directly at checkout through its point-of-sale terminals.
The launch added to earlier tools that let merchants convert a portion of daily card sales into Bitcoin. More than four million sellers across eight countries use the Square platform.
