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Block reduced staff from over 10,000 to under 6,000 employees.
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CEO Jack Dorsey aims to restructure around AI-driven operations.
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Shares rose more than 20% after-hours following the announcement.
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Block reported nearly $2 billion in bitcoin revenue in Q3.
A Major Restructuring
Block Inc. announced it is cutting nearly 4,000 jobs, reducing its workforce by roughly 40%.
CEO Jack Dorsey said the company is shifting toward a “smaller, flatter” structure centered on artificial intelligence and intelligence tools. Rather than incremental layoffs, the firm opted for one large reduction to avoid prolonged uncertainty.
Affected employees will receive 20 weeks of severance plus additional pay based on tenure.
Market Reaction and Crypto Exposure
Block’s stock surged more than 20% in after-hours trading following the announcement. The company reported nearly $2 billion in bitcoin-related revenue in its most recent quarterly earnings, accounting for a significant portion of total revenue.
The restructuring signals Dorsey’s effort to reposition Block as an AI-first fintech while maintaining its exposure to crypto and digital payments infrastructure.
