Jack Dorsey-Led Tech Giant Slashes a Thousand More Jobs

... after record profits.

> where the company reported a record gross quarterly profit of $1.9 billion.

Not saying that businesses should not try to optimize, but it seems a bit of a dick move to post record profits and cut nearly 10% of your headcount.

But they still aren’t “profitable” yet in having positive net profits, right? What is their path there?

The term "tech giant" has lost all meaning at this stage, if it ever had any.

13k employees isn't small, or even medium. Giant may be a bit hyperbolic.

Looks like they over hired

Can confirm, worked at Cash App, they vastly overhired. Teams were tripling in size, trying to keep up with growth, and then managers got used to the idea of "if you have too much work, hire more".

It's funny the article cites:

> Block stock rose by over 2% Wednesday to $52.27 a share. That share price is down around 19% compared with the start of 2023.

When the real story is that Block stock was at ~$250 in summer 2021, before Square became Block and they tried (unsuccessfully) to pivot to crypto. Oops.