Jack Dorsey’s Block lays off staff across Cash App, Square and foundational teams

Block, a San Francisco-based payment solutions specialist, is implementing job cuts across its Cash App, Square, and foundational teams.
Block CEO Jack Dorsey confirmed in a memo that a significant number of positions, estimated around 1,000 or 10% of the company’s total headcount, will be eliminated.
Cash App will see cuts in its global, marketing, and commerce teams, affecting various disciplines across the platform.
Square, the SME payments platform, will experience reductions in its marketing, creative, and primary markets monitoring teams.
Block’s foundational department, responsible for core operations, will focus on restructuring and reducing layers of management to address redundancies.
The job cuts will be immediately implemented, with Dorsey stating that a phased approach didn’t seem fair to individuals or the company.
Block had previously hinted at its plans during the Q3 earnings call, announcing a cap of 12,000 on its total headcount by the end of the year.
In Q3, Block reported a 24% YoY increase in revenue, reaching $5.62 billion, with Cash App’s revenues climbing 34% to $3.58 billion.
The move follows a trend in the tech industry, with other companies like PayPal also announcing significant global headcount reductions.