Block Inc. Lays Off 1,000 Employees in Efficiency Drive

The layoffs, conducted in a single day, represent about 10% of the company's workforce and were part of a previously announced plan to reduce headcount.

Block Inc., the financial services and mobile payments company founded by Jack Dorsey, has laid off approximately 1,000 employees, affecting workers at Square, Cash App, and Foundational.
The layoffs, which represent about 10% of the company's workforce, were conducted in a single day to boost efficiency.
The company had previously warned staff about potential reductions, suggesting that these layoffs were anticipated.
Last year, Block announced plans to reduce its headcount from 13,000 to an 'absolute cap' of 12,000 by the end of 2024.
The layoffs come amid a broader trend of workforce reductions in the tech industry, with significant numbers of employees being let go at Google, Amazon, and others.