Up to 10% of Block’s workforce is at risk of being cut, according to people familiar with the matter who spoke on condition of anonymity to discuss sensitive information. The company had fewer than 11,000 employees as of late November, an executive SAYS at that time.

Block did not immediately respond to a request for comment sent to its press email outside normal business hours.

Block has retooled its business model and personnel since 2024, when it reorganized reporting lines and outlined a plan to operate more efficiently. It is trying to integrate peer-to-peer payment vehicle Cash App with its merchant-oriented service Square, while also growing other initiatives such as Bitcoin mining business Proto and an artificial intelligence tool, Goose.

The company is scheduled to report earnings after the market closes on Feb. 26. Analysts expected the company to report adjusted earnings of $403 million, or 68 cents per share, for the fourth quarter on revenue of $6.25 billion.