Jack Dorsey-led Block prepares fresh job cuts, targeting up to 10% of staff

Block Inc., the Jack Dorsey-led fintech group behind Cash App, Square and Afterpay, is preparing to cut up to 10% of its workforce as part of a broader efficiency push, Bloomberg reported, citing people familiar with the matter.

The reductions are expected to span multiple teams as managers conduct year-end performance reviews through late February, the report said. Block did not immediately respond to requests for comment.

The move would mark the company’s third major round of job cuts in roughly two years. Bloomberg noted that Block eliminated 931 roles in March 2025, following a reduction of about 1,000 positions in January 2024.

Block has been reshaping its business since 2024, working to better integrate Cash App with its merchant payments arm Square while reallocating investment towards newer priorities. Bloomberg reported that the company has also pulled back from some initiatives, including winding down its decentralised tech unit TBD and scaling back operations at music streaming platform Tidal.

The fintech firm has simultaneously increased focus on emerging bets, including bitcoin-related ventures and internal artificial intelligence tools. Block has been developing Goose, an in-house AI productivity product, as part of its wider technology roadmap.

At an investor day in November 2025, Block outlined a three-year framework targeting mid-teens annual gross profit growth through 2028 and forecast gross profit of $11.98 billion in 2026. The company also announced a $5 billion expansion of its share repurchase programme, which lifted its stock.

However, performance has been uneven. Bloomberg highlighted that Block exceeded expectations in the second quarter of 2025 but missed analyst estimates in the third quarter, prompting a sharp after-hours decline in its share price.

The planned layoffs come amid a broader wave of corporate job cuts across the United States. Challenger, Gray & Christmas reported that employers announced more than 108,000 layoffs in January, the highest January total since 2009.

Block is due to report fourth-quarter earnings on February 26, which investors will watch closely for signs that sustained cost reductions are translating into stronger profitability and margin expansion.