MORE: Jack Dorsey’s Block to lay off nearly 1,000 employees, including remote CA workers: report<\/a><\/p>\n The assertion that the job cuts will add to Block’s profitability and efficiency led investors to jump in and buy, analysts said.<\/p>\n Block’s shares gained 5% Thursday to $54.53, before it reported its earnings. They shot up to nearly $69 in after-hours trading. The mobile payments services provider reported its fourth quarter gross profit jumped 24% from a year earlier.<\/p>\n “For years, we have debated whether AI would dent jobs at the margin. Now we have a public case study in which the CEO explicitly says that intelligence tools have changed what it means to build and run a company,” Stephen Innes of SPI Asset Management said in a commentary.<\/p>\n “Other large employers have announced tens of thousands of cuts in recent months. Some have downplayed the AI link. Block did not,” he said.<\/p>\n A global technology company founded in 2009, San Francisco-based Block operates in the United States, Canada, parts of Europe, Australia and Japan.<\/p>\n RELATED: Silicon Valley tech expert explains what workers need to know as AI-driven layoffs are on the rise<\/a><\/p>\n In a post on Twitter, Dorsey outlined various ways the company will support those laid off. For employees overseas, the terms might differ, he said.<\/p>\n It was unclear which employees would be laid off where.<\/p>\n
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