Why is Block’s stock up by 25% today?

Block shares surged more than 25% in extended trading Thursday after it announced layoffs of more than 4,000 employees. The cut is half the workforce, taking Block from over 10,000 to under 6,000. In a shareholder letter, Block called it “a difficult decision” and tied the change to intelligence tools that let a smaller team […] source: https://www.cryptopolitan.com/why-is-blocks-stock-up-by-25-today/