Jack Dorsey’s fintech company Block (Cash App, Square, Afterpay) is preparing to reduce its workforce by up to 10% as part of a major restructuring. This is reported by Bloomberg, citing informed sources.
The layoffs will affect employees across various divisions following an annual performance review, which will conclude at the end of February. This marks the third wave of staff optimization in the past two years: in March 2025, the company saw 931 specialists depart, and in January 2024, around 1,000 left.
Block has been undergoing continuous transformation since 2024, integrating Cash App and Square. In November 2024, the company shifted its focus to bitcoin mining, announcing the closure of its decentralized TBD division and reducing investments in the streaming platform Tidal. Simultaneously, the firm is developing an AI service to enhance work efficiency called Goose.
Last November, Block unveiled a three-year financial strategy. The plan aims for an average annual gross profit growth of 15% until 2028, with a target of $11.98 billion in 2026. The company also expanded its share buyback program by $5 billion, which spurred an 8% rise in stock prices.
Mixed Results
Block’s financial results have been mixed: while the company exceeded expectations in the second quarter, increasing gross profit by 14%, it fell short of forecasts in the third.
Revenue amounted to $6.11 billion against the expected $6.34 billion, and adjusted earnings per share were $0.54 instead of $0.63. Investor disappointment led to a nearly 10% drop in post-market trading.
Over the past year, Block’s shares have declined by approximately 37%, and since January, by 13%. The Friday session ended with a corrective rise to $55.97 (+4.85%).
The changes at the company occur amid a broader wave of workforce reductions in the United States. According to Challenger, Gray & Christmas, in January, employers announced the elimination of 108,435 jobs — a record high for the start of the year since 2009.
The Block’s fourth-quarter report, scheduled for February 26, will reveal whether the staff optimization has improved business margins.
Block Cuts, Tether Hires
The company behind the stablecoin USDT, Tether, has intensified its international expansion. Growing profits are being directed towards expanding the workforce, developing technologies, and making strategic investments, reports the Financial Times.
The firm’s workforce recently reached 300 employees. Over the next year and a half, Tether plans to hire another 150 specialists, primarily developers.
The search for talent is not limited to technical positions. According to LinkedIn, the company is seeking AI content creators in Italy, venture partners in the UAE, and regulatory specialists in Ghana and Brazil.
Strategy and Finance
The scaling of the business supports the growth of USDT’s market capitalization — which has increased from $140 billion to $185 billion over the year.
At a recent conference in El Salvador, Tether CEO Paolo Ardoino presented the concept of a “freedom technology stack.” It integrates finance, communications, artificial intelligence, and energy, the publication reports.
The company’s investment portfolio ranges from agriculture in South America to the Italian football club Juventus. The technology sector includes robotics, satellite communications, and AI.
Notably, Tether invested $775 million in video hosting Rumble — a competitor to YouTube. Last month, the platform integrated a non-custodial crypto wallet.
Competition and Regulation
Tether’s activity occurs amid competition with public company Circle and increased regulatory scrutiny of compliance standards and stablecoin reserves. The issuer seeks to establish itself in jurisdictions outside the United States, including the free economic zone Abu Dhabi Global Market.
The company also invested $150 million in Gold.com, strengthening the backing of digital assets with physical gold. An additional $100 million was allocated to Anchorage Digital to bolster ties with regulated infrastructure in the U.S.
Back in July 2025, Block joined the S&P 500 and announced bitcoin payments.