Block, under Jack Dorsey, plans to lay off 10%

According to Cointelegraph, Jack Dorsey's Bitcoin payment company Block is undergoing a broader restructuring, and the company has begun notifying hundreds of employees that their positions may be cut during the annual performance review, with the layoff rate potentially reaching 10%.

Block has launched a restructuring plan in 2024 aimed at improving efficiency and adjusting its product line, as the company is working to more closely integrate its peer-to-peer payment platform Cash App with its merchant services division Square.

It is reported that Block plans to release its quarterly financial report on February 26. Analysts predict that Block's fourth-quarter profit will reach $403 million, with revenue expected to hit $6.25 billion.