The payments company beat almost every Wall Street estimate after February layoffs of 4,000 employees, a move tied to AI that drew accusations of AI washing and scrutiny over compliance troubles.
Block beat almost every Wall Street estimate in the second quarter, five months after the payments company cut 4,000 jobs in February, or 40% of its staff, and said AI (artificial intelligence) drove the move. Critics had labeled the layoffs AI washing and pointed to Block's compliance troubles, but the latest results suggest the controversial decision has been proved right.