Block Inc. (XYZ), the payments company run by Jack Dorsey, may lay off as many as 10% of its employees, Bloomberg reported, citing people familiar with the matter.
Bitcoin hundreds of employees – Support owners of Cash App and Square have been informed that their jobs are at risk, Bloomberg says. The company said the reviews are part of a broader overhaul of the Oakland, Calif.-based company’s operations.
In addition to payment applications that allow individuals and businesses to conduct Bitcoin transactions, Block also owns Bitkey, a self-hosted Bitcoin hardware wallet, and Proto, a suite of Bitcoin mining products and services. Its Spiral division builds and funds open source projects to drive Bitcoin adoption.
The company set a headcount cap of 12,000 employees in 2023 and reiterated its commitment to that number in its third-quarter earnings report. Bloomberg said there were fewer than 11,000 in November.
The company’s shares have fallen 14% this year, while the S&P 500 index, which it joined in July, has gained 1.27%. The stock is down 23% in 2025.
Block will release fourth-quarter earnings on February 26. Bloomberg said adjusted earnings were expected to be $403 million, or 68 cents per share. The company reported fourth-quarter 2024 adjusted earnings per share of 71 cents.
The company did not respond to an emailed request for comment sent outside normal U.S. business hours.
