Block stock jumps 20% premarket as Dorsey bets on AI and cuts 4,000 jobs
Block shares surged about 20% in premarket trading Friday after the company announced plans to cut over 4,000 jobs as it shifts to AI-driven operations. The stock traded near $65.49, up $10.96 from Thursday’s close. Block forecast first-quarter gross profit growth of 22% and raised its 2026 outlook. CEO Jack Dorsey said headcount will drop to just under 6,000.