Jack Dorsey, co-founder and CEO of Block Inc., listens during the Bitcoin 2021 conference in Miami, Florida, on June 4, 2021.
Eva Marie Uzcategui | Bloomberg | Getty Images
Block said Thursday it’s laying off more than 4,000 employees, or about half of its headcount. The stock skyrocketed more than 24% in extended trading.
“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.”
The payments company announced the layoffs in conjunction with its fourth quarter earnings results.
Block reported adjusted earnings per share of 65 cents on revenue of $6.25 billion, while analysts estimated 65 cents per share and $6.24 billion, according to LSEG.
For the full year, the company said it sees adjusted earnings per share of $3.66. Analysts anticipated $3.22 per share, according to LSEG.
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