Block Inc. (XYZ), the payments company run by Jack Dorsey, may reduce its workforce by as much as 10%, Bloomberg reported, citing people familiar with the matter.

Hundreds of employees at the bitcoin BTC$71,297.44-supporting owner of Cash App and Square have been told their jobs are at risk, Bloomberg said. The reviews are part of a broader overhaul of the Oakland, California-based company's business, it said.

In addition to the payment apps, which allow individuals and businesses to transact in bitcoin, Block has Bitkey, a bitcoin self-custody hardware wallet, and Proto, a suite of bitcoin mining products and services. Its Spiral unit builds and funds open-source projects advancing bitcoin adoption.

The company introduced a 12,000-employee cap in 2023 and reiterated its commitment to the number in its third-quarter earnings report. It had fewer than 11,000 in November, Bloomberg said.

Shares in the company have dropped 14% this year while the S&P 500 index, which it joined in July, rose 1.27%. The stock lost 23% in 2025.

Block is due to post fourth-quarter earnings on Feb. 26. Adjusted earnings are forecast to come in at $403 million, or 68 cents a share, Bloomberg said. The company posted adjusted EPS of 71 cents in fourth-quarter 2024.

The company did not respond to an emailed request for comment sent outside regular U.S. business hours.