economy
February 26, 2026
Block shares soar 24% as company slashes workforce by nearly half
Block said Thursday it's laying off more than 4,000 employees, or about half of its headcount.
TL;DR
- Block is laying off over 4,000 employees, nearly halving its total headcount.
- The company's stock surged more than 24% in extended trading following the announcement.
- CEO Jack Dorsey stated the reduction aims for more efficient, highly talented teams leveraging AI.
- CFO Amrita Ahuja believes the cuts will position Block for its next phase of long-term growth.
- Block had over 10,000 employees as of December 31, 2025.
- The layoffs were announced concurrently with the company's fourth-quarter earnings report.
- Block reported fourth-quarter adjusted earnings per share of 65 cents on $6.25 billion in revenue, aligning with analyst expectations.
- For the full year, Block anticipates adjusted earnings per share of $3.66, surpassing analyst forecasts.
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