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“In fact, I believe it’s slowing us down and frustrating everyone. Which is not fair to you all, or our customers,” the 46-year-old tech mogul added.— reportedly processed as much as $46.22 billion worth of transactions — the equivalent of $513 million a day — and makes as much as a 3.5% plus 15-cent fee depending if customers use contactless payment or a virtual terminal.
Dorsey said that his workforce “is going to be smaller than we are today by the end of next year,” which he plans to achieve “through performance management, scoping our work and restructuring to remove duplication and redundancy,” per the memo obtained by Insider. Block operates Square, the point-of-sale software — and seemingly ubiquitous request for tips — seen on many iPad checkout screens at stores and cafes.following the release of its third-quarter earnings report last week — when Block posted $5.62 in revenue and a 21% year-over-year increase in profits, to $1.9 billion — Dorsey said he’s placing “an absolute cap” on the number of employees it would have.
It’s not sustainable. And Square’s number of people has far outpaced our growth and performance. In fact, I believe it’s slowing us down and frustrating everyone. Which is not fair to you all, or our customers.