Jack Dorsey's Block Inc. is cutting more than 4,000 jobs, impacting over 40% of its workforce. This broad restructuring was revealed alongside the company's fourth-quarter and full-year 2025 earnings.
Shares of the payments company jumped over 23% in after-hours trading following the announcement.
Block stated the workforce reduction is intended to better align its organizational structure with its operating model and strategic priorities. The company anticipates recording between $450 million and $500 million in restructuring charges, primarily related to severance and employee-related costs. Most of these charges are expected in the first quarter of fiscal 2026.
As of year-end 2025, Block employed just over 10,200 full-time workers globally, highlighting the significant scale of these layoffs. The company's business encompasses consumer and merchant payments through Cash App and Square, alongside its Bitcoin operations.