"Block has made a contrarian bet on bitcoin at a time when many payment companies favored stablecoins: cash-like digital tokens that became regulated in the US last year. Block's strategy was spearheaded by Dorsey, a "bitcoin maximalist" who has said he believes the digital currency will eventually eclipse the dollar."
"Amazon, UPS, Dow, Nike, Home Depot, and others in late January announced they would be cutting a combined 52,000 jobs. Investors and economists are grappling with an influx of US economic data and corporate announcements in an effort to gauge the impact the technology could be having on the labor market."
"Dorsey said the cuts at Block, which owns the payment processor Square, came despite what he described as a "strong" financial performance in 2025. In its fiscal fourth quarter, Block reported revenue of almost $6.3 billion, in line with Wall Street expectations."
Block, the payment processor company owned by Square, is reducing its workforce as part of a broader trend of corporate staff cuts affecting the US labor market. This reduction occurs despite Block reporting strong financial performance in 2025, with revenue of $6.3 billion meeting Wall Street expectations. The layoffs coincide with major companies like Amazon, UPS, and Nike announcing combined cuts of 52,000 jobs, raising concerns about AI-driven job losses. Block's financial results were impacted by a $234 million loss on its bitcoin holdings as cryptocurrency prices declined 23 percent. The company's contrarian bet on bitcoin, championed by CEO Jack Dorsey, contrasts with competitors favoring stablecoins, which experienced significant growth.
Read at Ars Technica
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