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

Spread the love


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.

Also read today's other top stories:

Brain chip implanted! Elon Musk has become the first lucky recipient of a brain implant from Neuralink, which marks a step towards running computers with our minds. Is that the right way? Find out Here.

Bad news for Apple! Influential tech analyst Ming-Chi Kuo has warned that the company expects lower demand for the iPhone 15 and the upcoming iPhone 16 in 2024. Know all about it Here.

Samsung Woos China With Ernie Bot! Samsung Baidu Inc. 's Ernie bot as a key attraction of its new Galaxy S24 smartphone series in China. Dive Here.

One more thing! We are now on WhatsApp channels! Follow us there so that you never miss any updates from the world of technology. To follow HT Tech channel on WhatsApp, click Here Join now!



Source link

Leave a Comment