$XYZ is up over 16% in premarket trading. This follows CEO Jack Dorsey's announcement that the company is cutting 40% of its workforce.

Feb 27, 2026, 1:59:46 PM UTC(8 hours ago)

Impact: High

Affected Assets

$XYZ is up over 16% in premarket trading. This follows CEO Jack Dorsey's announcement that the company is cutting 40% of its workforce.
Block (XYZ) shares are up over 16% in premarket trading following CEO Jack Dorsey's announcement of a 40% workforce reduction, impacting over 4,000 jobs.
The job cuts are part of a strategic shift to embed artificial intelligence across Block's operations.
The company's CFO stated the cuts will enable Block "to move faster with smaller, highly talented teams using AI to automate more work."
Shares surged as much as 27% in post-market trading after the announcement.
The stock has traded below $100 per share since early 2022.

$XYZ is up over 16% in premarket trading after CEO Jack Dorsey announced that the company is cutting 40% of its workforce. https://t.co/AjOxgmxD7E