Block stock price jumps as AI-driven layoffs and higher 2026 targets put XYZ back in play
Block shares surged 16.8% to $63.68 Friday after the company announced plans to cut over 4,000 jobs, about 40% of its workforce, citing increased use of AI. The payments firm raised its 2026 profit target to $12.2 billion and projected stronger first-quarter results. The company said the impact of layoffs will show in profits by the second quarter. Investors await further details at a March 3 tech conference.