When Block cut about 4,000 jobs in February, Jack Dorsey predicted most companies would make similar cuts within a year. Since then Intuit, Meta, Wix, Coinbase, Visa and Monday.com have announced reductions.
In our view the prediction is partly right on the cuts and partly wrong on the cause. Visa's source said AI was not the sole driver, Monday.com denied replacing workers with AI, and Oxford Economics found overhiring behind many cuts. Block's explicitness is the exception.
Source: Fortune