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Jack Dorsey's Block Makes Second Round of Job Cuts This Year
Business Insider • • business
Key Points:
- Fintech company Block, led by Jack Dorsey, is conducting a second round of job cuts this year, affecting teams including Cash App, Customer Ops, Risk Ops, and Learning & Content Operations.
- The layoffs involve role reductions, responsibility changes, and reporting line shifts, with affected employees receiving separation packages and transition support similar to the February 2026 cuts.
- Earlier this year, Block reduced its workforce by over 40%, aiming to save $800 million to $900 million annually by leveraging AI and better tools to improve operational efficiency.
- Despite the layoffs, Block reported strong third-quarter results with a 22% year-over-year gross profit increase and raised its full-year gross profit forecast to $12.6 billion for 2026.
- Block's stock fell 4% following the announcement, though it remains up nearly 15% over the past year, reflecting broader tech industry trends of workforce reductions driven by AI adoption and cost discipline.
