Block Inc., the financial technology company co-founded by Jack Dorsey, is known as a global group focusing on payment systems, commercial infrastructure and digital asset solutions. While the company operates under the brands Cash App for individual users and Square for businesses, it has also begun to invest in Bitcoin mining and artificial intelligence in recent years. This strategic expansion is seen as part of the company’s goal of establishing a more comprehensive financial ecosystem rather than just a payment platform.
Possible Dismissals During Performance Evaluations
Block began sending notices to hundreds of employees that their positions might be eliminated as part of their annual performance evaluations. It is stated that the process is part of a broader restructuring program carried out across the company. According to the current plan, it is stated that up to 10 percent of the workforce may be affected; At the end of November, the company’s number of employees was just under 11 thousand. Management emphasizes that this step is necessary to control costs and increase operational efficiency.
Closer Integration of Square with Cash App
As part of the reorganization process that started in 2024, Block focuses on strengthening the ties between product groups. The aim is to more tightly integrate Cash App, which is used especially for individual payments, with the Square infrastructure for businesses. This approach is expected to both improve user experience and reduce duplication in internal processes. The management aims to create a more consistent financial ecosystem by increasing data sharing between different units.
New Ventures: Proto and Goose
While Block simplifies its existing business lines, it also continues to invest in new areas. Work continues to expand the capacity of the company’s Bitcoin mining unit, Proto. At the same time, the artificial intelligence project called Goose aims to develop more advanced solutions in payment systems and data analysis. These investments show that the company takes into account not only short-term costs but also its long-term technological positioning.
“The future of payment infrastructure is evolving towards a more open and interoperable structure for both individual and corporate users; Block’s role is to accelerate this transformation.”
On the market side, Block shares closed the week on a rise, gaining nearly 5 percent on Friday. It is stated that investors are closely monitoring restructuring plans and new technological initiatives. On the other hand, it is considered that uncertainties regarding layoffs may create fluctuations in stock performance in the short term.
The company is expected to announce fourth-quarter financial results on February 26. Analysts are forecasting adjusted profits of approximately $403 million and revenue of $6.25 billion in the period; The earnings per share expectation is 68 cents. In the previous quarter, Block announced a net profit of $461.5 million and revenue of $6.11 billion. In the same period, gross profit increased by 18 percent on an annual basis, while Cash App revenues increased by 24 percent and Square revenues increased by 9 percent.
The Bitcoin side continues to be an important income item for the company. $1.97 billion in revenue was generated from Bitcoin transactions in the third quarter; this figure was 2.4 billion dollars a year ago. At the end of September, Block had 8,780 Bitcoins on its balance sheet, and these assets were worth over $1 billion. In the same quarter, the company recorded a loss of $59 million on the valuation of its Bitcoin assets.
Last November, Square introduced a payment option that allows Bitcoin to be accepted directly through point-of-sale terminals. Merchants can execute transactions from Bitcoin to Bitcoin or automatically convert the amount into fiat. This move builds on tools that previously allowed converting a portion of card sales into Bitcoin, making the Square ecosystem more flexible with respect to digital assets. More than four million sellers use the platform in eight countries.
“Integrating Bitcoin into business transactions allows businesses to adapt more quickly to new financial flows.”
