Block layoffs, Feb. 27 -- Jack Dorsey's Block, the company behind Square, Cash App and Afterpay, is laying off nearly half of its staff as part of an overhaul to embrace AI across its operations.

As part of the Block layoffs, over 4,000 employees will be let go to embed "intelligence tools," Dorsey, the co-founder of the company, said in a letter to shareholders on Thursday.

Block has been restructuring its business model and staffing since 2024 as the company's stock has lagged. Shares of Block soared as much as 27% in extended trading following the announcement.

The company has also invested heavily in artificial intelligence to enable efficient operations, including building its own AI tool called Goose.

The Block layoffs come afte...