Jack Dorsey’s Block cutting up to 10% of staff: Report

Jack Dorsey’s fintech Block is considering cutting up to 10% of its workforce during annual performance reviews, Bloomberg ‍News ⁠reported on Saturday citing people familiar with the matter.

Block didn’t immediately respond ​to a request ‌for comment. Reuters could not immediately verify the ​report.

The company, which facilitates bitcoin purchases by acquiring the cryptocurrency and reselling it at a small premium, missed ‌Wall Street estimates for third-quarter profit amid persistent economic uncertainty ‌and intensifying competition in the payments ‌sector.

Growth in the company’s Square segment, ‌which provides payments ‍solutions ⁠to ​small- and medium-sized businesses, slowed to 9% ⁠in the third ⁠quarter.

The company is set to report fourth-quarter earnings after ‌market hours on February 26.