Dorsey's Block Slows Hiring, Investment as Bitcoin Plunge Slams Earnings

7 days ago
KingData News: Jack Dorsey-led Block Inc (SQ.N) said it has slowed hiring and will slash its 2022 investment target by $250 million, after a slump in bitcoin prices dragged the digital payments company to a loss in the second quarter. Block's profit fell 24 percent to $41 million in the second quarter, according to the company. "While gross profit trends have been healthy through July, we recognize the importance of exercising discipline with our investments as we enter a period of potential uncertainty," Chief Financial Officer Amrita Ahuja said in a conference call, while revealing the plans to slow down hiring and investment.
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