Jack Dorsey’s Block slashes nearly 1k jobs after weak Q4 earnings

The Giant Fintech Bloc would have dismissed more than 930 employees, as part of a restructuring effort following low profits from the fourth quarter.

Jack Dorsey’s fintech supplier Block A licensed 931 employees, representing about 8% of his workforce, only one month after having declared figures for income and lower profits than expected for the fourth quarter, according to an internal email disclosed by Techcrunch.

In the message, Dorsey would have told staff that Block “made modifications to the Org, in particular by eliminating the roles and starting the consultation process in the countries where this is necessary”. Dorsey refused to link layoffs to dissatisfied financial results, declaring that they aimed to align with strategic priorities, to tackle performance and to flatten the hierarchy of the company.

“None of the above points try to hit a specific financial target, replace people with AI or modify our efficiency cap. They are specific to our needs around the strategy, increasing the bar and acting more quickly on performance, and flattening our org so that we can move more quickly and with less abstraction.”

Jack Dorsey

According to the CEO of Block, the company reduces 391 positions for reasons of “strategy”, while 460 employees were released for “performance” problems. Dorsey also noted that the company separates from those who had a note “below” or who tended to it in the internal block measurements of block. 80 other management roles have been eliminated as part of the efforts to rationalize operations, while 193 managers were moved to roles of individual contributors.

Block also closes 748 open positions, with the exception of those who have critical operations, key leadership and roles that have already reached the offer phase, added Dorsey in the email. At the beginning of 2024, Block also dismissed around 1,000 employees and in December 2024, the company had around 11,300 employees worldwide. At the time of the press, Block made no public statement on the issue.

At the end of February, the report on the results of the fourth quarter of block lack Wall Street expectations. The company revealed a profit adjusted by action of 71 cents, below the planned 87 cents and a turnover of $ 6.03 billion, missing the $ 6.29 billion expected.