Block shares soar as much as 24% as company slashes workforce by nearly half

"Today we shared a difficult decision with our team," Jack Dorsey, Block's co-founder and CEO, wrote in a letter to shareholders. "We're reducing Block by nearly half, from over 10,000 people to just under 6,000, which means that over 4,000 people are being asked to leave or entering into consultation."

Fintech company Block lays off 4,000 of its 10,000 staff, citing gains from AI

Shares in the financial technology company Block have soared more than 20% in after-hours trading after its CEO announced it was laying off more than 4,000 of its 10,000 some employees due to efficiency gains from artificial intelligence.

Block Fired 40% of its People. Wall St. Cheered. It’s Just the Start.

Block cut 40% of its workforce from a position of strength. Jack Dorsey says most CEOs are next. Here's the three-layer framework every board needs before that happens.

Block Stock Rallies After Analysts Praise Earnings and Layoffs

Shares of Block rallied after co-founder Jack Dorsey announced a plan to cut nearly half the payment company's workforce and restructure it for an AI future. The Square and Cash App owner's stock w