Business
Block Stock Rallies After Analysts Praise Earnings and Layoffs
Shares of Block rallied after co-founder Jack Dorsey announced a plan to cut nearly half the payment company’s workforce and restructure it for an AI future.
The Square and Cash App owner’s stock was up 17% Friday to $63.70.
Analysts on Friday put faith in Dorsey’s plan to lay off 40% of the staff, but said the underlying results also looked good.