Block laying off about 4,000 employees, nearly half of its workforce

“Today we shared a difficult decision with our team,” Jack Dorsey, Block’s co-founder and CEO, wrote in a letter to shareholders. “We’re reducing Block by nearly half, from over 10,000 people to just under 6,000, which means that over 4,000 people are being asked to leave or entering into consultation.”

The payments company announced the layoffs in conjunction with its fourth quarter earnings results.

Block reported adjusted earnings per share of 65 cents on revenue of $6.25 billion, while analysts estimated 65 cents per share and $6.24 billion, according to LSEG.

For the full year, the company said it sees adjusted earnings per share of $3.66. Analysts anticipated $3.22 per share, according to LSEG.

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