Block is laying off 4,000 employees, nearly half of its workforce.

PANews reported on February 27th that Block, a US fintech company, is laying off 4,000 employees, nearly half of its workforce. The company is betting on artificial intelligence to transform future labor productivity. Following the layoffs, Block's stock price surged 22% in after-hours trading. Since 2024, Block has been restructuring its business model and staffing due to its lagging stock performance. Simultaneously, the company has invested heavily in developing AI tools to improve operational efficiency, including its own tool called Goose. In a letter, founder Jack Dorsey wrote, "Intelligent tools have redefined how we create and run companies. We've already seen this change within the company. A significantly smaller team, using the tools we've developed, can get more done and do it better."