Jack Dorsey’s Block to cut 4,000 jobs… shares surge 23%

Shares of Block, the payments and Bitcoin company led by Jack Dorsey, jumped more than 23% in after-hours trading after the firm decided to cut more than 4,000 jobs.

According to Decrypt on the 26th (local time), Block unveiled a restructuring plan to reduce its workforce by more than 40% alongside its fourth-quarter and full-year 2025 earnings release. As of the end of 2025, Block had more than 10,200 employees worldwide.

In an 8-K filing with the U.S. Securities and Exchange Commission (SEC), Block said the headcount reduction is intended to realign its organizational structure with its operating model and strategic priorities. Restructuring costs are estimated at $450 million to $500 million, largely driven by severance and stock-based compensation expenses. A significant portion of the costs is expected to be recognized in the first quarter of fiscal 2026.

The company added that it plans to complete most of the restructuring by the second quarter of 2026, while noting that actual costs may differ from the estimates.

Block has been expanding Bitcoin-related businesses—including trading, self-custody and merchant Bitcoin payments—alongside its consumer and merchant payments operations through Cash App and Square. In 2025, Cash App recorded 59 million monthly active users in the U.S., and annual customer inflows reached $316 billion.

Block posted total gross profit of $10.4 billion across three segments—commerce enablement, financial services and the Bitcoin ecosystem—over the full year 2025.