Block has begun notifying employees that roles may be eliminated as part of an internal review, with up to 10% of its workforce potentially affected, according to a Bloomberg report.
The payments firm, founded by Jack Dorsey, employed just under 11,000 people as of late November and is restructuring to better integrate Cash App with its Square merchant business.
The potential layoffs come ahead of Block’s fourth-quarter earnings on February 26, with analysts forecasting adjusted profit of about $403 million on revenue of roughly $6.25 billion.
In the third quarter, Block reported net income of $461.5 million on $6.11 billion in revenue, with gross profit rising 18% year on year despite a mixed market reaction.
Bitcoin remained a significant contributor, generating about $1.97 billion in quarterly revenue, while Block held 8,780 BTC worth more than $1 billion at the end of September.
Alongside cost cuts, Block is expanding newer initiatives including its Bitcoin mining unit Proto and an internal artificial intelligence project called Goose.
The overhaul also follows Square’s recent rollout of Bitcoin payments for merchants, reinforcing Block’s continued focus on crypto-linked products even as it trims costs.
At the time of reporting, Bitcoin price was $70,945.28.