Block Faces Potential Staff Cuts Amid Business Overhaul, Despite Strong Q4 Projections
Block Faces Potential Staff Cuts Amid Business Overhaul, Despite Strong Q4 Projections
Jack Dorsey's financial technology company, Block, is reportedly considering a significant business overhaul that could lead to job cuts affecting up to 10% of its staff. This news emerges alongside analysts' optimistic forecasts for Block's fourth-quarter performance, projecting $403 million in profit from $6.25 billion in revenue, following a period of strong gross profit growth.
Block Explores Workforce Reductions Amid Strategic Overhaul
Jack Dorsey's financial technology firm, Block, is reportedly mulling over substantial changes to its business structure, which may include reducing its workforce by as much as 10%. This potential move signals a strategic overhaul within the company, which operates various payment and financial services. The development comes as financial analysts maintain a positive outlook for Block's upcoming fourth-quarter results. Projections suggest the company could achieve a Q4 profit of $403 million on revenues totaling $6.25 billion. This anticipated strong performance follows a third quarter that, while showing robust gross profit growth, received a mixed reaction from the market.