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According to Bloomberg, Jack Dorsey's payment company Block has raised its profit and growth forecasts after advancing AI-related layoffs. The company expects full-year gross profit to reach $12.3 billion, above previous guidance and market expectations, and anticipates second-quarter gross profit of about $3 billion, a year-over-year increase of approximately 20%. Block's adjusted EBITDA for the first quarter was $1 billion, up 24% year-over-year, exceeding market expectations of $947 million; adjusted earnings per share were $0.85, higher than the market forecast of $0.67; net revenue was $6.1 billion, an increase of about 4.9%. The company stated that AI tools have begun to play a role in reducing costs and improving product efficiency, including MoneyBot for Cash App and ManagerBot for Square.