KLEARED
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Block Cuts 4,000 Jobs, Stock Jumps 25%
Block announced layoffs of more than 4,000 workers. This is about half of its workforce.
Block's stock price jumped 24 to 25 percent after the announcement. Chief Executive Jack Dorsey said most companies are late to understand what technology will do.
Technology will change many jobs. The market responded well to the layoff news.
Klear Note — Block is a financial services company. Stock prices often rise when companies cut costs through layoffs.
Key Terms 2
- Block
- A financial services company that provides payment and business tools.
- Chief Executive
- The top leader of a company who makes major decisions.