Dorsey’s Block Raises Forecasts After AI-Driven Job Cuts

Block Inc. offered a sunnier outlook for profits and growth on Thursday after orchestrating a severe round of job cuts related to artificial intelligence that executives said were painful but necessary to improve performance.

The payments company, which owns Square and Cash App, expects an annual gross profit of $12.3 billion, higher than its previous forecast as well as the $12.1 billion, on average, that analysts had estimated.