Shares of Block surged over 20% in premarket trading following CEO Jack Dorsey's announcement of a significant workforce reduction. The company plans to cut over 4,000 roles, reducing its staff from over 10,000 to under 6,000, as part of a reorganization focused on an "AI-era" operating model. According to reports, the company anticipates incurring charges between $450 million and $500 million related to this plan, primarily in the first quarter of fiscal year 2026. Alongside the cuts, Block has outlined financial targets, including a gross profit of $12.2 billion in 2026 and an adjusted operating income of $3.2 billion.

Shares of Block surged over 20% in premarket trading following CEO Jack Dorsey's announcement of a significant workforce reduction. The company plans to cut over 4,000 roles, reducing its staff from over 10,000 to under 6,000, as part of a reorganization focused on an "AI-era" operating model. According to reports, the company anticipates incurring charges between $450 million and $500 million related to this plan, primarily in the first quarter of fiscal year 2026. Alongside the cuts, Block has outlined financial targets, including a gross profit of $12.2 billion in 2026 and an adjusted operating income of $3.2 billion.