Jack Dorsey's Block raises its performance forecast after implementing artificial intelligence-related layoffs

On May 8, Jack Dorsey's payments company Block,Inc. gave a more optimistic outlook on earnings and growth prospects on Thursday after the company implemented a round of major artificial intelligence-related layoffs. Company executives said the layoffs, while painful, were necessary to improve performance. The payments company, which owns Square and CashApp, expects annual gross profit to reach $12.3 billion, higher than previous forecasts and the average analyst estimate of $12.1 billion.