Block Cuts Over 4,000 Jobs; Shares Rise 28%

MT Newswires Live

02/27

Block (ASX:XYZ) said that it is reducing its workforce from over 10,000 to just under 6,000 jobs, according to a Friday filing with the Australian bourse.

Over 4,000 people are being asked to leave or enter into a consultation, the filing said.

The company believes that a "significantly" smaller team could do more and better due to the development of internal intelligence tools, the filing added.

Shares of the company rose 28% in recent Friday trade.

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