Block Stock Pops as Jack Dorsey's Bitcoin, Payments Company Dumps 4,000 Jobs
Block Inc announced it will cut over 4,000 jobs, more than 40% of its workforce, as part of a major restructuring. This move follows reported slower growth, tighter capital, and increased cost scrutiny in the fintech sector. The layoffs are intended to align Block’s operations with its strategic goals. Block expects to record $450–$500 million in restructuring charges, mainly related to severance and share-based award expenses, with most costs recognized in the first quarter of fiscal 2026 and the restructuring largely completed by the end of the second quarter. Block had just over 10,200 full-time employees at the end of 2025, highlighting the scale of the cuts. The company’s core segments include consumer and merchant payments via Cash App and Square, as well as Bitcoin-related products. In 2025, Block generated $10.4 billion in gross profit, and Cash App reported 59 million U.S. monthly active users with $316 billion customer inflows. Block’s shares rose over 23% in after-hours trading following the announcement.
