Jack Dorsey's Block To Cut up To 10% of Staff In New Cost Push

TLDR

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Block is considering cutting 10% of staff as part of year-end performance reviews.
The company laid off over 1,900 employees in 2024 and 2025 combined.
Block is integrating Cash App and Square while cutting back on other ventures.
Q4 earnings report on Feb. 26 may reveal the effect of continued restructuring.

Block Inc., the fintech firm led by Jack Dorsey and known for Cash App and Square, is preparing to cut up to 10% of its workforce, Bloomberg reported. The job reductions are part of a broader efficiency strategy as the company undergoes ongoing restructuring. The layoffs, expected during annual performance reviews, come after previous rounds in 2024 and 2025 and ahead of its Q4 earnings report later this month.

Block Considers Cutting 10% of Workforce During Annual Reviews

Block Inc., the fintech company led by Jack Dorsey, is preparing to reduce its workforce by up to 10%, Bloomberg reported. The company is notifying hundreds of employees as it conducts year-end performance reviews.

This marks the third round of job reductions at Block in the past two years. The company eliminated approximately 1,000 positions in January 2024 and another 931 roles in March 2025. These cuts are part of Block’s continued effort to streamline operations across its business units.

Job Cuts Linked to Broader Restructuring Plan

Bloomberg cited sources familiar with the matter, noting that the cuts are occurring across multiple teams. Block has not yet issued an official comment. The evaluations and notifications are expected to run through the end of February.

Block has been undergoing major changes since 2024. The company has worked to better align its business units, particularly Cash App and Square, while phasing out or scaling back other ventures. In late 2024, Block announced it would wind down its decentralized tech unit, TBD, and reduce its investment in music platform Tidal.

In addition, the company is investing in a bitcoin mining initiative and has been developing an AI tool called Goose. These efforts reflect Block’s shift in focus toward core technologies and productivity solutions.

Financial Performance and Upcoming Earnings Report

The company’s financial performance has shown mixed results over the past year. Block’s second-quarter results in 2025 exceeded analyst expectations with 14% year-over-year gross profit growth. However, in the third quarter, revenue and earnings per share both fell short of forecasts.

Block reported $6.11 billion in revenue and $0.54 earnings per share in Q3, compared to analyst estimates of $6.34 billion and $0.63 per share. Following the results, the company’s shares dropped nearly 10% in after-hours trading. Over the past year, Block’s stock has declined about 37% and is down roughly 13% in 2026.

At its investor day in November 2025, Block projected $11.98 billion in gross profit for 2026. It also announced a $5 billion increase to its share buyback program, leading to an 8% rise in shares at the time.

Layoffs Reflect a Larger Trend in the Market

Block’s job cuts come amid a broader wave of workforce reductions across the tech sector. According to data from Challenger, Gray & Christmas, U.S. employers announced over 108,000 layoffs in January 2026, the highest January total since 2009.

Analysts and investors are expected to watch Block’s fourth-quarter earnings report on February 26 for signs that recent restructuring efforts are improving profit margins. The company has been under pressure to maintain growth while managing costs.

As the reviews and restructuring continue, employees across several departments are waiting to learn their employment status in the coming weeks.