Block says it is laying off more than 4,000 of its 10,000+ employees

Block announced it is laying off about 4,000 employees, nearly half of its workforce, as part of a restructuring effort to position the company for future growth. The layoffs, which represent a significant reduction from 10,205 employees to just under 6,000, are expected to incur charges of approximately $450 million to $500 million, primarily for severance payments and employee benefits. The company anticipates most of these charges will be recognized in the first quarter. Despite the layoffs, Block reported strong financial results for the fourth quarter, with adjusted earnings per share of 65 cents on revenue of $6.25 billion, slightly exceeding analyst estimates.