Feb 7 (Reuters) – Jack Dorsey’s fintech Block is considering cutting up to 10% of its workforce during annual performance reviews, Bloomberg News reported on Saturday citing people familiar with the matter. Block didn’t immediately respond to a request for comment. Reuters could not immediately verify the report. The company, which facilitates bitcoin purchases by […]
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Dorsey’s Block cutting up to 10% of staff, Bloomberg News reports
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Feb 7 (Reuters) – Jack Dorsey’s fintech Block is considering cutting up to 10% of its workforce during annual performance reviews, Bloomberg News reported on Saturday citing people familiar with the matter.
Block didn’t immediately respond to a request for comment. Reuters could not immediately verify the report.
The company, which facilitates bitcoin purchases by acquiring the cryptocurrency and reselling it at a small premium, missed Wall Street estimates for third-quarter profit amid persistent economic uncertainty and intensifying competition in the payments sector.
Growth in the company’s Square segment, which provides payments solutions to small- and medium-sized businesses, slowed to 9% in the third quarter.
The company is set to report fourth-quarter earnings after market hours on February 26.
(Reporting by Anusha Shah in Bengaluru; Editing by Andrea Ricci)