Block Stock Jumps as Dorsey Cuts Workforce Nearly in Half

Block said it will lay off more than 4,000 employees, shrinking its staff from over 10,000 to just under 6,000, according to a letter from co-founder and CEO Jack Dorsey. Shares surged as much as 24% in extended trading and were up about 18% premarket Friday. CFO Amrita Ahuja said the cuts position Block for its next phase of long-term growth, as the company shifts to smaller teams and uses AI to automate more work. Dorsey said many companies may make similar structural changes as “intelligence tools” drive efficiency gains. Block announced the move alongside fourth-quarter results: adjusted EPS of 65 cents on $6.25 billion in revenue, with gross profit up 24% to $2.87 billion.

‍