Block is laying off around 1000 employees, many of them at the Square and Cash App units, according to press reports.
In a note to staff, obtained by Business Insider, CEO Jack Dorsey told staffers that the company is cutting "a large number of our teammates". BI says the number is about 1000, or 10% of the total workforce.
Continued Dorsey: "Why is so much happening in one single day?..We decided it would be better to do at once rather than arbitrarily space them out, which didn’t seem fair to the individuals or to the company. When we know we need to take an action, we want to take it immediately, rather than let things linger on forever."
The Cash App has seen revenue fall recently, while Afterpay, the BNPL outfit acquired in 2021 for $29 billion, is reporting major losses.
The Block job cuts come in the same week as PayPal said it will reduce its headcount by 2500, or nine per cent, and days after expense management firm Brex revealed plans to axe 20% of its workforce, 282 people.