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“However, a shift is occurring. The intelligence tools we’re developing, combined with more streamlined teams, are revolutionizing how companies are built and operated,” explained Dorsey.
Dorsey revealed he faced a choice: to implement the layoffs gradually or execute them all at once.
“Multiple rounds of layoffs can erode morale, hinder focus, and damage the trust customers and shareholders have in our leadership. I prefer to take decisive action now and rebuild from a position of strength, rather than slowly reducing our workforce to reach the same end,” he stated.
The global workforce of the company previously stood at 10,000 employees, but Dorsey announced this figure will now be reduced to fewer than 6,000.
According to LinkedIn, Block employs over 1,000 individuals in Australia. However, the number of Australian employees affected by these layoffs remains uncertain.
Block also declined to say how many jobs would be culled, if any, from Afterpay.
Afterpay was founded in Sydney in 2014 and has its main Australian office in Melbourne CBD.
Square was also contacted for comment on the extent of its job losses.
Their main office is also in Melbourne CBD and they opened a Sydney office in Chippendale in 2024.
The company is known for manufacturing tap and go payment terminals, which many smaller businesses use to process card payments, allowing them to accept payment by phone as well.
Block made a $10.36 billion gross profit in 2025, a 17 per cent growth year on year, according to its presentation to investors.
More than $6 billion of this came from Cash App, with Square contributing to nearly $4 billion.