Dorsey’s Block cutting up to 10% of staff, Bloomberg News reports
Feb 7 : Jack Dorsey's fintech Block is considering cutting up to 10 per cent of its workforce during annual performance reviews, Bloomberg News reported on Saturday citing people familiar with the matter.
Block didn’t immediately respond to a request for comment. Reuters could not immediately verify the report.
The company, which facilitates bitcoin purchases by acquiring the cryptocurrency and reselling it at a small premium, missed Wall Street estimates for third-quarter profit amid persistent economic uncertainty and intensifying competition in the payments sector.
Growth in the company's Square segment, which provides payments solutions to small- and medium-sized businesses, slowed to 9 per cent in the third quarter.
The company is set to report fourth-quarter earnings after market hours on February 26.
