- Block Inc., owner of Cash App and Square, may reduce its workforce by as much as 10%.
- The company has a 12,000-employee cap and had fewer than 11,000 staff in November.
- Block’s shares have fallen 14% this year and 23% in 2025, underperforming the S&P 500.
Block Inc. (XYZ), the Oakland, California-based payments company run by Jack Dorsey, is reportedly planning to cut up to 10% of its workforce as part of a broader business overhaul, Bloomberg said. This potential reduction comes amidst a challenging period for the Bitcoin-supporting firm.
Consequently, hundreds of employees at the owner of Cash App and Square have been informed their positions are at risk. However, the company has multiple bitcoin-focused initiatives, including Bitkey, a self-custody hardware wallet, and Proto, a mining products suite.
Meanwhile, Block introduced a 12,000-employee cap in 2023 and reiterated this commitment in its third-quarter earnings report. It had fewer than 11,000 employees in November, according to Bloomberg.
The company’s stock has dropped 14% this year, while the S&P 500 index, which it joined in July, rose 1.27%. Consequently, shares lost 23% in 2025.
Block is due to post fourth-quarter earnings on Feb. 26, with adjusted earnings forecast at $403 million, or 68 cents a share. This compares to adjusted EPS of 71 cents in fourth-quarter 2024.
The company did not respond to an emailed request for comment sent outside regular U.S. business hours.
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