ST. LOUIS — Block founder and CEO Jack Dorsey told shareholders Thursday that job cuts were coming, as the firm implements a cap on the number of employees, with growth failing to keep up with headcount.
Dorsey said in a third-quarter letter to shareholders that an absolute cap of 12,000 would be in place "until we feel the growth of the business has meaningfully outpaced the growth of the company."
"We know the inverse is true today," he said.
COO and CFO Amrita Ahuja said during an earnings call Thursday that the company employed 13,000 people as of the end of the third quarter. He added that the company expects to reach the cap by the end of 2024.
Oakland, California-based Block, which operates the Square payment service and Cash App, previously enacted a personnel cap in 2014, a year before its initial public offering.
