Block shares soar 24% as company slashes workforce by nearly half

From the X post by @jack: > we're not making this decision because we're in trouble. our **business is strong.** gross profit continues to grow, we continue to serve more and more customers, and profitability is improving. but **something has changed. we're already seeing that the intelligence tools we’re creating and using, paired with smaller and flatter teams, are enabling a new way of working which fundamentally changes what it means to build and run a company. and that's accelerating rapidly.** > i had two options: cut gradually over months or years as this shift plays out, or **be honest about where we are and act on it now.** i chose the latter. repeated rounds of cuts are destructive to morale, to focus, and to the trust that customers and shareholders place in our ability to lead. i'd rather take a hard, clear action now and build from a position we believe in than manage a slow reduction of people toward the same outcome. a smaller company also gives us the space to grow our business the right way, on our own terms, instead of constantly reacting to market pressures. > we've done a full review to determine the roles and people we require to reliably grow the business from here, and we've pressure-tested those decisions from multiple angles. read more: https://www.cnbc.com/2026/02/26/block-laying-off-about-4000-employees-nearly-half-of-its-workforce.html