Block Inc. (XYZ), the payments company led by Jack Dorsey, could cut its workforce by up to 10%, Bloomberg reported, citing people familiar with the matter.
Hundreds of employees at Bitcoin -The owners of Cash App and Square were told their jobs were at risk, Bloomberg said. The reviews are part of a broader overhaul of the Oakland, Calif.-based company’s business, he said.
In addition to payment apps, which allow individuals and businesses to transact in Bitcoin, Block offers Bitkey, a self-custody Bitcoin hardware wallet, and Proto, a suite of Bitcoin mining products and services. Its Spiral unit builds and funds open source projects advancing Bitcoin adoption.
The company introduced a cap of 12,000 employees in 2023 and reiterated its commitment to the figure in its third-quarter earnings report. There were fewer than 11,000 in November, Bloomberg reported.
The company’s shares have fallen 14% this year while the S&P 500 index, which it joined in July, has risen 1.27%. The stock lost 23% in 2025.
Block is expected to report its fourth-quarter results on February 26. Adjusted earnings are expected to be $403 million, or 68 cents per share, Bloomberg reported. The company posted fourth-quarter 2024 adjusted EPS of 71 cents.
The company did not respond to an emailed request for comment sent outside of normal U.S. business hours.
