Block shares soar 20% as company slashes workforce by nearly half

Block announced on Thursday that it will be reducing its workforce significantly, laying off more than 4,000 employees, which accounts for nearly 50% of its total staff. Following this announcement, the company's stock experienced a remarkable increase of over 20% in after-hours trading. In a letter addressed to shareholders, Jack Dorsey, co-founder and CEO of Block, expressed the difficulty of this decision. He stated, "Today we shared a difficult decision with our team. We're reducing Block by nearly half, from over 10,000 people to just under 6,000, which means that over 4,000 people are being asked to leave or entering into consultation." This development marks a significant shift for the company as it navigates challenging market conditions. This is a developing story, and further updates are expected as more information becomes available.