Square

Product

Last mentioned: Feb 28, 2026

Timeline

  1. Profit Target Deadline

    Block aims to hit $12.2 billion in gross profit following the restructuring.

  2. Market Surge

    Shares soar 27% as investors react to improved profit guidance and cost-cutting.

  3. AI Overhaul Announced

    Block reveals plans to cut nearly half its workforce to prioritize AI efficiency.

  4. Headcount Cap Imposed

    Jack Dorsey announces a 12,000-person limit to curb corporate bloat.

Stories mentioning Square 1

market-trends Bearish

Block Slashes 40% of Workforce in Radical AI-Driven Efficiency Pivot

Block Inc. has announced a massive 40% headcount reduction, affecting over 4,000 employees, as part of a strategic shift toward AI-driven operations. The move, which sent shares soaring by 27%, reflects CEO Jack Dorsey's aggressive push to streamline the fintech giant and hit ambitious 2026 profit targets.

2 sources