Jack Dorsey's block cuts jobs to achieve 12,000 staff

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Block Inc. The job cuts began as part of the company's goal of limiting its workforce to 12,000 employees.

Block, run by Jack Dorsey, announced the cap when it reported third-quarter earnings in November, and the company said it had taken steps to meet the target on Tuesday. Block, which provides the Cash app and Square payments services, said it would reach a target of 12,000 staff by the end of the year.

The company declined to give specific details on how many jobs were affected. It has tried to control costs amid efforts to increase revenues. Dorsey said in November that the workforce cap would remain in place “until we think the growth of the business has meaningfully outpaced the growth of the company.”

In December, Tidal, the music streaming service once owned by recording artist Jay-Z and now part of the bloc, cut more than 10% of its staff as part of its parent company's broader austerity measures. It affected about 40 staff members in various Tidal departments, including part of the curation team that creates the playlists, people familiar with the cuts said at the time.

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