Feb 27 (Reuters) - Block shares soared more than 16% on Friday after the fintech firm announced it would nearly halve its workforce as part of an overhaul to embed artificial intelligence tools across its operations.
The layoffs are the most visible signs of how the industry is navigating the impact of AI, with Block's CEO, tech billionaire Jack Dorsey, warning that most companies were "late" to realize the emerging technology's potential.
