Jack Dorsey’s Block plans to lay off up to 10% of its workforce to improve efficiency

Gelonghui, February 8th｜Jack Dorsey's Block is notifying hundreds of employees during its annual performance review period that their positions may be eliminated, as the payments company is currently undergoing a broader business overhaul. According to sources familiar with the matter, up to 10% of Block's employees are at risk of being laid off. A senior executive previously stated that as of late November, the company had fewer than 11,000 employees. Block is scheduled to release its financial report after the U.S. stock market closes on February 26. Analysts expect the company's adjusted profit for the fourth quarter to be $403 million, with earnings per share of $0.68 and revenue reaching $6.25 billion.