Wtf is Block an why are they 10000 in the first place?
Layoffs at Block
741–750 of 1001 posts
Re: Layoffs at Block
#742This is one of the best (if not the best) layoff letters I've seen online (no affiliation, don't know anyone working there, purely outsider perspective). * Severance packages upfront because realistically that's what everyone worries about first. * Reasoning second. I appreciate the one clean cut vs prolonged bleeding. * Owning the decision and respecting the people that got you there. Opting for an awkward allhands…
I wonder if the lack of capital letters is a clever trick to make this whole annoucement look more humane and natural. Surely it's intentional: only "U.S" deserves capitals, not even his own name in the signature.
its the Black Turtleneck of 2025/2026
Re: Layoffs at Block
#743This is one of the best (if not the best) layoff letters I've seen online (no affiliation, don't know anyone working there, purely outsider perspective). * Severance packages upfront because realistically that's what everyone worries about first. * Reasoning second. I appreciate the one clean cut vs prolonged bleeding. * Owning the decision and respecting the people that got you there. Opting for an awkward allhands…
I wonder if the lack of capital letters is a clever trick to make this whole annoucement look more humane and natural. Surely it's intentional: only "U.S" deserves capitals, not even his own name in the signature.
Yeah somehow this make me instantly dislike him.
Re: Layoffs at Block
#744Earlier quoted context omitted.
> the stupid way to manage every year has to be x% exponential increase over the previous year, always forgetting that it is physically impossible when everyone goes for the same goal. That's why we have this corporate ritual, which we carry out each year, or even each quarter - a solemn ceremony, where we divide everyone into two groups: the cost centers and the profit centers . Everyone works in harmony for the sam…
As if some people are born as cost centers, like it’s the genetic programming for pupillary distance. If you want to be a profit center, be one. When the body is in danger of dying should it stop healing the fingernails or the brain?
> If you want to be a profit center, be one.
Thanks, I'm cured.
Re: Layoffs at Block
#745> i had two options: cut gradually over months or years as this shift plays out, or be honest about where we are and act on it now. Sounds like a false dichotomy. The third option is that he could have kept them around. It would be financially feasible given that "our business is strong. gross profit continues to grow, we continue to serve more and more customers, and profitability is improving.".
It suggests that there is no more innovation, no compliments to the business and the management have identified no areas for R&D. In the tech (or tech adjacent) space that should really be a death knell.
A quick check of the share price tells the story, they should really pivot back from blocks to squares.
Re: Layoffs at Block
#746This is one of the best (if not the best) layoff letters I've seen online (no affiliation, don't know anyone working there, purely outsider perspective). * Severance packages upfront because realistically that's what everyone worries about first. * Reasoning second. I appreciate the one clean cut vs prolonged bleeding. * Owning the decision and respecting the people that got you there. Opting for an awkward allhands…
Owning it doesn’t make it less of a shit move. Canning people when you do well is just a way to milk the cow that others raised for you. Plus it shows a blatant lack of imagination and foresight. I just hope the remaining employees realize they’re in an ejectable seat and stop working for people like that. It’s only a matter of time the founders sell to Bending Spoons for a final paycheck and everyone else is out.
Yeah but the purpose of a company is not to employ people, it is to make money. The employment is a means to an end. If the money continues to flow without the people, that is better.
I can imagine creating a system designed to allocate profits to a broader set of stakeholders, but that's not the system we have.
Re: Layoffs at Block
#747Earlier quoted context omitted.
He's also giving out massive severance packages
Is four and a half month's pay considered massive in the US? What do you normally get when you're made redundant?
Yes, it is considered generous here. I have been laid off or taken a voluntary severance 3 times and never got anywhere near 5 months.
Re: Layoffs at Block
#748Earlier quoted context omitted.
We know they're not... > In its fiscal fourth quarter, Block reported revenue of almost $6.3bn, in line with Wall Street expectations. Its earnings tumbled to 19 cents a share, owing to a $234mn hit — or 38 cents a share — on its bitcoin holdings.
Yea, look over there!!! AI. (Don’t mention the bitcoin investment that’s in the shitter)
The bitcoin investment had 2/3/4x'd at that point - so the negative 75% means the business is the shitter.
Re: Layoffs at Block
#749Square/Block stock peaked at $273 in Feb 2021 and is currently at $54. Taking away the Covid bubble the stock has been completely flat since 2018, almost 8 years, while the S&P 500 returned nearly 200% in that same period. So I'm not buying the whole "the company is doing great! The layoff is just because of AI."
Feb 2021 was peak covid tech bubble stemming from ZIRP. There are a number of companies that hit highs during that period that they'll likely never see again (or for quite some time) despite being profitable.
2021 was when Square pivoted to Block in the great Blockchain pivotting
Re: Layoffs at Block
#750Translation from a long diatribe: we see that devs using AI are way more productive so we can save some money here for shareholders, hence 40% of you are laid off.
Software developer in general are probably looking for some fucked up situation here.