"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."

PayPal Holdings PYPL and Block XYZ stand out as key players in the fintech space. They continue to transform digital payments and commerce, albeit with distinct strategies: PayPal leverages its global,

Block’s stock surges 20% as Wall Street rewards massive job cuts at the parent company of Square and the Cash App.

Block (XYZ) stock jumps 23% after strong Q1 and 2026 guidance. Get key earnings highlights, gross profit beats, and what’s next for Cash App and Square.

Shares of Block surged sharply in premarket trading after the company announced plans to lay off more than 4,000 employees, marking one of its most significant restructurings to date.

Block shares surged more than 25% in extended trading Thursday after it announced layoffs of more than 4,000 employees. The cut is half the workforce, taking Block from over 10,000 to under 6,000. In a shareholder letter,

Although 2025 was a strong year for the company, CEO Jack Dorsey wrote, “intelligence tools have changed what it means to build and run a company.”

The prospects for AI to sustain build-out spending and to harm legacy industries continue to be front of mind for Wall Street.