TLDR: Fintech company Block is reportedly laying off around 1,000 employees, with many of the cuts coming from its Square and Cash App units. According to CEO Jack Dorsey, the decision to cut so many jobs at once was made to avoid arbitrarily spacing out the layoffs. The job cuts come as the Cash App has seen a decrease in revenue and Block’s BNPL outfit Afterpay has reported major losses. This announcement follows similar job cuts from PayPal and expense management firm Brex.
Block, a fintech company, is set to lay off around 1,000 employees, with a significant number of the job cuts expected to come from its Square and Cash App units, according to reports. The move comes after Block’s Cash App saw a decline in revenue, while its BNPL subsidiary Afterpay reported major losses. CEO Jack Dorsey said the decision to make significant job cuts at once was made in order to avoid spacing them out arbitrarily. This announcement follows similar layoffs from PayPal and expense management firm Brex.
