Block plans to lay off 10% of its workforce to restructure its business, potentially affecting approximately 1,100 employees.

Block Inc., the payments company owned by Jack Dorsey, has begun notifying some employees during its annual performance review period that their positions may be eliminated as part of a broader restructuring plan. According to Bloomberg, citing sources familiar with the matter, the layoffs could affect up to 10% of its workforce (approximately 1,100 people). Analysts expect Block's fourth-quarter revenue to be approximately $6.25 billion and adjusted profit to be approximately $403 million. (Cointelegraph)