Block, the parent of Square and Cash App, is laying off over 4,000 people
Source: Engadget
Layoffs Announcement
Block, the operator of payment platforms Square and Cash App, announced it will cut its workforce from 10,000 to just under 6,000 employees. In a letter to shareholders, CEO Jack Dorsey wrote:
“The core thesis is simple. Intelligence tools have changed what it means to build and run a company. We’re already seeing it internally. A significantly smaller team, using the tools we’re building, can do more and do it better. And intelligence tool capabilities are compounding faster every week.”
The company attributes the reduction to the adoption of AI tools that it believes will enable a smaller team to operate more efficiently.
AI Initiatives
Last year, Block developed an AI agent codenamed “goose” for interacting with large language models (LLMs). The shareholder letter emphasizes that “intelligence will be at the core of how the entire company works—how we make decisions, how we build trust and manage risk, how we build products, and how we serve customers.”
Financial Results
Block reported its 2025 financial results, posting an operating income (profit after expenses) of $1.71 billion.
Prior Workforce Reductions
This is not the first round of cuts at the fintech firm. Rumors of layoffs affecting roughly 1,000 employees circulated in both 2024 and 2025.
Original article: Engadget