Block Inc., the parent company of well-known brands like Square, Cash App, TIDAL, and Afterpay, has filed documents with the Pennsylvania Department of Labor and Industry revealing plans to lay off 22 employees.
The affected employees work in Bucks, Philadelphia, Montgomery, Delaware, Allegheny, Northampton, and Chester counties, with specifics on the Bucks County layoffs not disclosed.
The job cuts are set to take effect by March 30.
The cuts follow a significant reduction in January when the company trimmed its workforce by approximately 1,000 jobs, or 10 percent of its total headcount.
The layoffs come as part of Block Inc.’s strategy to align its growth with its business and revenue.
In an internal memo from CEO Jack Dorsey that was obtained by Business Insider, the company has been having struggles due to a quick-growing headcount and revenue that didn’t keep pace.
“When we know we need to take an action, we want to take it immediately, rather than let things linger on forever,” said Dorsey, the co-founder and former CEO of Twitter.
The latest layoffs are in line with statements made by Block Inc. officials during last year’s earnings call where they announced a planned reduction of the company’s workforce from 13,000 in 2023 to an “absolute cap” of 12,000 employees by the end of 2024.
The layoffs reflect broader trends in the tech industry as companies are adjusting their strategies and workforces.
Block Inc., formerly known as Square Inc., rebranded in 2021 to better represent its expanding focus on blockchain technology and Bitcoin.
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