Quartz·1 min read·medium
Block beat earnings expectations after slashing 40% of its workforce for AI
✦AI Summary
Fintech company Block reported strong second-quarter earnings, achieving 25% gross profit growth. The company attributed its financial performance in part to a 40% workforce reduction aimed at increasing AI-driven efficiency.
The fintech company posted 25% gross profit growth and a record adjusted operating income margin of 27% in the second quarter
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