Financial technology firm Block is cutting over 4,000 jobs, roughly 40 percent of its workforce, as it restructures around artificial intelligence (AI) tools. The decision pushed its shares up more than 20 percent before market opening. CEO Jack Dorsey stated that AI tools are transforming how companies operate and that a smaller team could perform better. The company's fourth-quarter gross profit rose 24 percent from the previous year. The layoffs add to a wave of job reductions by major U.S. companies in recent months.