00:00It's Benzinga bringing Wall Street to Main Street.
00:02Block reported fourth-quarter earnings of $0.65 per share on $6.25 billion in revenue,
00:08according to Benzinga Pro. Earnings were in line with estimates,
00:12while revenue was below the $6.28 billion consensus revenue estimate.
00:16The company also announced headcount reductions of more than 40%.
00:20CEO Jack Dorsey said Block will reduce its workforce from more than 10,000 employees to
00:25just under 6,000, with over 4,000 employees leaving or entering consultation.
00:30Dorsey said intelligence tools have changed how companies operate and that a smaller team
00:35using those tools can do more work more effectively.
00:38Shares were up by 4.99% at $54.53, according to data from Benzinga Pro.
00:45For all things money, visit Benzinga.com.
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