US Stocks Move｜Block Soars Over 22% Pre-market After Announcing Nearly 50% Layoffs and Raising Annual Gross Profit Guidance

Glonghui, February 27｜Fintech company Block (XYZ.US) surged 22.6% in pre-market trading, reaching $66.84. According to reports, Block announced a reduction of nearly half its workforce, involving about 4,000 employees, citing an AI-driven efficiency boost as the reason for a comprehensive organizational restructuring. Company CEO Jack Dorsey predicted in a shareholder letter that most companies will be forced to make similar structural adjustments within the next year. In addition, the company’s management raised its full-year performance expectations for 2026, now forecasting gross profit to reach $12.2 billions, representing an 18% year-on-year increase.