Dorsey’s Block slows hiring, investment as bitcoin plunge slams earnings

Published by
Reuters UK

By Mehnaz Yasmin (Reuters) -Jack Dorsey-led Block Inc 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. Shares of Block, formerly called Square, fell nearly 6% in extended trading on Thursday. Regulatory hurdles facing cryptocurrencies, rising interest rates and the Ukraine crisis have walloped investor appetite for riskier assets, pulling bitcoin prices down about 36% in the quarter. That sent Block’s bitcoin gross profit – or what the company earns from the…

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