Core Viewpoint - Block is reducing its workforce by nearly half, from over 10,000 employees to just under 6,000, which means over 4,000 employees will be affected [1][2] Company Actions - The decision to cut jobs was made to address a significant shift in the company's operational model, rather than due to financial distress [4][5] - Employees affected will receive a severance package that includes 20 weeks of salary plus one week for each year of tenure, equity vested through the end of May, six months of healthcare, corporate devices, and $5,000 for transition support [3] Business Performance - Despite the layoffs, the company reports strong business performance with growing gross profit, an increasing customer base, and improving profitability [4] Strategic Direction - The company is embracing a new way of working that leverages intelligence tools and smaller, flatter teams, which is seen as essential for future growth [4][5] - The CEO emphasized the importance of taking decisive action now rather than managing a prolonged reduction in workforce, which could harm morale and trust [5] Communication and Support - The company plans to maintain open communication channels for employees during the transition and will host a live video session to acknowledge the contributions of those leaving [7] - The CEO expressed gratitude towards departing employees, recognizing their contributions to the company [8]