Jack Dorsey's Block to lay off nearly 1,000 employees, including remote CA workers: report

SAN FRANCISCO (KGO) -- Block, a financial tech company led by Twitter founder Jack Dorsey, is laying off nearly 1,000 workers.

The layoffs will impact 240 remote California workers.

According to the San Francisco Chronicle, the layoffs affect business analysts, designers, lawyers, data and software engineers.

Dorsey said the cuts are for "strategy" and "performance," denying it's due to financial reasons or artificial intelligence.

Block operates payment platform Square, money transfer service CashApp, and music streamer Tidal.

Block stock is down 32% this year, and earnings are falling short of analysts' expectations.

The company's largest office is located in Oakland.

Block's previous round of layoffs came in 2024.