Block Inc. (XYZ), the payments company run by Jack Dorsey, may reduce its workforce by as much as 10%, Bloomberg reported, citing people familiar with the matter.
Hundreds of employees at bitcoin -supporting owners of Cash App and Square have been told their jobs are at risk, Bloomberg said. The reviews are part of a broader review of the Oakland, Calif.-based company’s business, it said.
In addition to payment apps, which allow individuals and businesses to trade in bitcoin, Block has Bitkey, a bitcoin self-deposit hardware wallet, and Proto, a suite of bitcoin mining products and services. Its Spiral unit builds and funds open source projects that promote bitcoin adoption.
The company imposed a cap of 12,000 employees by 2023 and reiterated its commitment to the number in its third quarter earnings report. It had fewer than 11,000 in November, Bloomberg said.
Shares in the company are down 14% this year, while the S&P 500 index, which it tracks in July, is up 1.27%. The stock lost 23% in 2025.
Bloom is expected to post fourth-quarter earnings on February 26. Adjusted earnings are expected to come in at $403 million, or 68 cents per share, Bloomberg said. The company had adjusted EPS of 71 cents in the fourth quarter of 2024.
The company did not respond to an email request for comment sent outside regular US business hours.
