Block Raises Full-Year Guidance and Announces Cost-Cutting Job Cuts
XYZ•Block reported a first-quarter earnings beat and raised its full-year revenue and adjusted EBITDA guidance after stronger-than-expected transaction volumes. Shares jumped following the announcement of significant job cuts aimed at lowering operating costs.
1. Q1 Earnings and Guidance Raise
Block reported a first-quarter revenue and adjusted EBITDA performance that beat analyst expectations, driven by robust transaction volume growth across its payment and subscription services. Management raised its full-year guidance for revenue and profitability, citing sustained momentum in digital payments and merchant solutions.
2. Workforce Reduction Plan
The company announced significant job cuts to streamline operations and reduce expenses, aiming to improve operating margin. Executives noted the restructuring will support long-term profitability by aligning headcount with strategic priorities and focusing on high-growth segments.
