Dorsey’s Block cutting up to 10% of staff, Bloomberg News reports (updated)

Block

07/02/2026 23:26

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Feb 7 (Reuters) - Jack Dorsey's fintech Block XYZ.N is considering cutting up to 10% of its workforce during annual performance reviews, Bloomberg News reported on Saturday citing people familiar with the matter.

Block didn’t immediately respond to a request for comment. Reuters could not immediately verify the report.

The company, which facilitates bitcoin purchases by acquiring the cryptocurrency and reselling it at a small premium, missed Wall Street estimates for third-quarter profit amid persistent economic uncertainty and intensifying competition in the payments sector.

Growth in the company's Square segment, which provides payments solutions to small- and medium-sized businesses, slowed to 9% in the third quarter.

The company is set to report fourth-quarter earnings after market hours on February 26.

 (Reporting by Anusha Shah in Bengaluru; Editing by Andrea Ricci)

 ((AnushaDevang.Shah@thomsonreuters.com;))