Block, the parent company of Square, Cash App and Afterpay, has announced laying off around 1,000 employees (~10% of its workforce) associated with Cash App and Square due to declining revenues and growing losses with its subsidiary business units.

Jack Dorsey (CEO and co-founder) stated the reason for the layoffs was because the company has grown excessively while revenues have remained stagnant. It was also stated that revenues from Cash App have declined steeply, while losses from Afterpay have been stacking up.