Feb 7 (Reuters) - Jack Dorsey's fintech Block (XYZ.N), opens new tab is considering cutting up to 10% of its workforce during annual performance reviews, Bloomberg News reported on Saturday citing people familiar with the matter.
Block didn’t immediately respond to a request for comment. Reuters could not immediately verify the report.
The company, which facilitates bitcoin purchases by acquiring the cryptocurrency and reselling it at a small premium, missed Wall Street estimates for third-quarter profit amid persistent economic uncertainty and intensifying competition in the payments sector.
Growth in the company's Square segment, which provides payments solutions to small- and medium-sized businesses, slowed to 9% in the third quarter.
The company is set to report fourth-quarter earnings after market hours on February 26.
Block's stock has been suffering ever since their highs in 2021.
Brutal cut at Block. Guess even Dorsey isn’t immune to the economy crushing profit margins. Square slowdown is the real red flag here. Let’s see what Q4 looks like on the 26th. Hope it’s not contagious. 😬
Hate to see it