Block Inc. (XYZ), the payments company led by Jack Dorsey, may reduce its workforce by up to 10%, Bloomberg reported, citing people familiar with the matter.
Hundreds of employees in bitcoin -Cash App and Square owners have been told their jobs are at risk, Bloomberg said. The reviews are part of a broader review of the Oakland, California-based company’s business, he said.
In addition to payment apps, which allow individuals and businesses to transact in bitcoin, Block has Bitkey, a bitcoin self-custody hardware wallet, and Proto, a suite of bitcoin mining products and services. Its Spiral unit builds and funds open source projects that promote 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. It had fewer than 11,000 in November, Bloomberg said.
The company’s shares have fallen 14% this year, while the S&P 500 index, which it joined in July, is up 1.27%. The stock lost 23% in 2025.
Block is due to release its fourth-quarter earnings on February 26. Adjusted earnings are forecast to be $403 million, or 68 cents per share, Bloomberg said. The company posted adjusted EPS of 71 cents in the fourth quarter of 2024.
The company did not respond to an emailed request for comment outside normal business hours in the United States.
