Block cuts more than 4,000 jobs, CEO cites AI
Feb 27th 2026
Block, the parent company of Square and Cash App, is trimming its workforce as CEO Jack Dorsey says AI lets a smaller team be more productive, a move that sent shares sharply higher.
- Block will lay off over 4,000 of its roughly 10,000 employees, CEO Jack Dorsey said.
- Dorsey said artificial intelligence tools let a significantly smaller team do more, and he named AI as the primary driver of the cuts.
- Shares rose more than 20% in premarket trading after the announcement.
- Block reported a 24% year over year rise in fourth quarter gross profit.
- Dorsey posted the plan on X and promised support for departing employees, with terms varying for international staff.
- It is unclear which roles or regions will see the layoffs