BUSINESSQUARTZ
Block beat earnings expectations after slashing 40% of its workforce for AI
Fintech company Block beat earnings expectations after slashing 40% of its workforce for AI development. The company reported a record adjusted operating income margin of 27% and achieved 25% gross profit growth during the second quarter.
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Adjacent reporting
- Block earnings show a growth pickup, in a potential validation of the massive AI push
- Block raises 2026 outlook on strong quarter, says AI touches nearly all code
- Block raises 2026 outlook on strong quarter, says AI touches nearly all code
- Block Inc rises 8% as Q1 gives ‘earnings surprise’ despite Bitcoin dip
- Block’s bitcoin gross profit falls 31% after Cash App fee cuts as shares reverse initial gains