Block under Jack Dorsey raises performance expectations after AI-related layoffs
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Jinse Finance reported that on May 8th, Jack Dorsey’s payment company Block, Inc. gave a more optimistic outlook on profits and growth on Thursday, after the company implemented a major round of layoffs related to artificial intelligence. Company executives stated that while these layoffs were painful, they were necessary to improve performance. The payment company, which owns Square and Cash App, expects annual gross profit to reach $12.3 billion, higher than its previous forecast and above analysts’ average estimate of $12.1 billion.
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