Block is considering cutting 10% of the workforce.

Block's Challenging Year-End Plans

Block, owner of Cash App and Square applications managed by Jack Dorsey, is considering a 10% reduction in its workforce. This decision is part of a broader business restructuring, according to a report by Bloomberg.

The company has informed its employees, including those in its Bitcoin-focused divisions such as Bitkey, Proto, and Spiral, that their jobs are at risk. Hundreds of employees are expected to be affected.

During this period of volatility in the financial markets, Block shares have fallen by 14% in 2023. By 2025, the decline in shares exceeded 20%. The company is expected to announce its fourth-quarter results on February 26.