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Block slashing workforce by nearly half

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Block is slashing nearly half of its workforce.

That amounts to more than 4,000 impacted employees.

"We are choosing to shift how we operate at a time when our business is accelerating and we see an opportunity to move faster with smaller, highly talented teams using AI to automate more work," Block Chief Financial Officer Amrita Ahuja said in a letter to shareholders.

Read more from CNBC.

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