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Block weighs cutting up to 10% of jobs: Bloo
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Block weighs cutting up to 10% of jobs: Bloo
Block weighs cutting up to 10% of jobs: Bloomberg
Block weighs cutting up to 10% of jobs: Bloomberg
The company has told hundreds of employees their jobs are at risk as part of a broader overhaul.
By Sheldon Reback
Feb 8, 2026, 1:39 p.m.
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Block CEO Jack Dorsey (Joe Raedle/Getty Images modified by CoinDesk)
What to know:
- Block, the Jack Dorsey–run owner of Cash App and Square, is considering cutting up to 10% of its workforce as part of a broader business overhaul, according to Bloomberg.
- The company, which also operates bitcoin-focused units including Bitkey, Proto and Spiral, warned hundreds of employees that their jobs are at risk.
- Block shares have fallen 14% this year after falling more than 20% in 2025, and is set to announce fourth-quarter results on Feb. 26.
Block Inc. (XYZ), the payments company run by Jack Dorsey, may reduce its workforce by as much as 10%, Bloomberg reported, citing people familiar with the matter.
Hundreds of employees at the bitcoin BTC$71,297.44-supporting owner of Cash App and Square have been told their jobs are at risk, Bloomberg said. The reviews are part of a broader overhaul of the Oakland, California-based company's business, it said.
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In addition to the payment apps, which allow individuals and businesses to transact in bitcoin, Block has Bitkey, a bitcoin self-custody hardware wallet, and Proto, a suite of bitcoin mining products and services. Its Spiral unit builds and funds open-source projects advancing bitcoin adoption.
The company introduced a 12,000-employee cap in 2023 and reiterated its commitment to the number in its third-quarter earnings report. It had fewer than 11,000 in November, Bloomberg said.
Shares in the company have dropped 14% this year while the S&P 500 index, which it joined in July, rose 1.27%. The stock lost 23% in 2025.
Block is due to post fourth-quarter earnings on Feb. 26. Adjusted earnings are forecast to come in at $403 million, or 68 cents a share, Bloomberg said. The company posted adjusted EPS of 71 cents in fourth-quarter 2024.
The company did not respond to an emailed request for comment sent outside regular U.S. business hours.
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