Block Axes Half Its Workforce While Cash App Prints Money
Block posts strong Q4 results with 24% gross profit growth, then announces it's cutting over 4,000 jobs.
Block is having a split-personality moment. The Jack Dorsey-led payments company just posted Q4 revenue of $6.25B (up 4% year-over-year) and gross profit of $2.87B (up 24%). Cash App was the star, surging 33% and doing the heavy lifting.
Then came the gut punch: Block is slashing more than 4,000 jobs — roughly half its entire workforce — as part of a major company overhaul.
The outlook remains bullish on paper. Block forecasts Q1 gross profit climbing 22% to $2.8B. So the business is growing. It's just going to do it with way fewer people.
The massive headcount reduction signals Block is betting hard on efficiency — likely leaning into automation and AI tooling to keep the growth engine running while dramatically shrinking its human footprint. Classic do-more-with-less playbook.