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At this point in the quarter, the company estimates that severance-related expenses will be roughly $700 million in the first quarter "as we've continued these efforts". �� Google Posts 'USD 307 Billion' Revenue in 2023 and Spends 'USD 2.1 Billion' on Severance and Other Expenses of Over 12,000 Laid Off Employees, Will Spend More 'USD 700 Million' in Q1 2024.
Meanwhile, its buy now, pay later (BNPL) service Afterpay, which Block acquired in 2021 for $29 billion, has posted serious losses. Square also faces competition on multiple fronts, including from Fiserv’s Clover, Toast and Stripe. �� Block Layoffs 2024: Jack Dorsey’s Financial Services Company Block Lays Off About 1,000 Employees, Decision Will Also Affect Staff in Cash App, Afterpay and Square Subsidiaries.
This comes just weeks after the company announced its October to December quarter results, which revealed that its total headcount fell by 4,473 employees. �� Wipro Layoffs 2024: Indian Multinational IT Firm Likely To Cut Hundreds of Mid-Level Jobs To Improve Margins.
PayPal Holdings Inc said on Tuesday it is planning to cut 7% of its workforce, or about 2,000 employees, the latest in a list of fintech firms to be hit by the economic slowdown.