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Shares in Jack Dorsey's Block (NYSE: XYZ) soared 20% overnight following its latest earnings announcement, during which the company disclosed that nearly half of its workforce will be fired.
What's the Scoop:
- Move Over Human: Block fired nearly half of its workforce yesterday. CEO Jack Dorsey informed the public via X, claiming that while business remains strong and growth prospects remain lofty, "intelligence tools" have fundamentally changing how the company operates.
- Mixed Motivation: While Block appears to have successfully framed its mass layoff as an effort to better more productively an AI-empowered future, some stock market analysts have questioned the narrative, pointing out Block's gluttonous mid-COVID hiring spree that was never corrected.
- Bad Few Years: Although Block soared post-earnings, the headline result itself was a miss. XYZ shares were trading approximately 80% below their August 2021 peak at the time of writing.
we're making @blocks smaller today. here's my note to the company.
— jack (@jack) February 26, 2026
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today we're making one of the hardest decisions in the history of our company: we're reducing our organization by nearly half, from over 10,000 people to just under 6,000. that means over 4,000 of you are…
