Block May Cut Up to 10% of Staff Amid Restructuring

Block Inc. has begun notifying hundreds of employees that their roles could be eliminated during annual performance reviews as the company undertakes a wider restructuring. As much as 10% of the workforce may be affected; the firm employed just under 11,000 people as of late November.

The changes follow a 2024 reorganization intended to improve efficiency and align product lines, with efforts to more closely link Cash App and Square's merchant services. Block is also expanding newer initiatives, including its Bitcoin mining division Proto and an artificial intelligence project called Goose, and its shares ended Friday up nearly 5%.

Block is scheduled to release fourth-quarter earnings on Feb. 26, with analysts expecting adjusted profit of about $403 million on roughly $6.25 billion in revenue. The company last reported third-quarter net income of $461.5 million on $6.11 billion in revenue, with gross profit up 18% year over year driven by 24% growth in Cash App and 9% growth in Square.

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