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Block under Jack Dorsey raises earnings forecast after implementing layoffs related to artificial intelligence
Golden Finance reports that on May 8th, Jack Dorsey’s payment company Block, Inc. provided a more optimistic outlook on profitability and growth prospects, following a round of significant AI-related layoffs. Company executives stated that although the layoffs were painful, they were necessary to improve performance.
This payment company, which owns Square and Cash App, expects annual gross profit to reach $12.3 billion, surpassing previous forecasts and also higher than the analyst average estimate of $12.1 billion.