Jack Dorsey's Block surges on plan to cut 4,000 jobs on AI bet

Block

26/02/2026 22:39

** Shares of payments firm Block XYZ.N surge ~26% to $68.58 after the bell

** Co says it will cut over 4,000 jobs, nearly half its workforce, as advances in AI reshape how it builds and runs its business

** "Intelligence tools have changed what it means to build and run a company" - Block CEO Jack Dorsey

** XYZ expects to incur roughly $450 million to $500 million in restructuring charges in Q1

** Co reports adjusted profit of 65 cents per share in Q4, vs 47 cents, a year earlier

** Stock down 16% YTD, through previous close

 (Reporting by Manya Saini in Bengaluru)

 ((Manya.Saini@thomsonreuters.com))