Block Lays Off 40% Of Staff And Blames It On AI. Don’t Buy The Excuse. [Forbes]
Fiserv, Inc. (FISV)
Last fiserv, inc. earnings: 2/4 04:01 pm
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Source: Forbes
“This decision comes from a position of strength. Intelligence tools have changed what it means to build and run a company. A significantly smaller team using the tools we're building can do more and do it better.” Nonsense. The “position of strength” argument holds no water. Let's look at the facts. Block is Overstaffed Block's stock spiked 20% in after-hours trading on news of the layoffs. Block's 5-year stock price high, however, was more than $289 back in late 2021. Why Wall Street is buying Dorsey's story is perplexing. But then again, Wall Street does have a history of mis-pricing stocks (see the Fiserv from October 2025). Dorsey's right that the underlying business isn't collapsing: Block's Q4 numbers weren't bad--revenue came in at $6.25 billion, gross profit jumped 24% year-over-year to $2.9 billion, and Cash App had a strong quarter. But from 2019 through 2025, Block's headcount grew 2.5x from about 4,000 employees to over 10,000. That's the problem. The AI Im
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