According to Bloomberg, Jack Dorsey's payment company Block has raised its profit and growth forecasts following AI-related layoffs. The company expects full-year gross profit to reach $12.3 billion, exceeding previous guidance and market expectations, and forecasts Q2 gross profit of approximately $3 billion, up about 20% year-over-year. Block's adjusted EBITDA for Q1 was $1 billion, up 24% year-over-year, beating the market expectation of $947 million; adjusted EPS was $0.85, higher than the market expectation of $0.67; net revenue was $6.1 billion, up about 4.9% year-over-year. The company stated that AI tools have started to play a role in reducing costs and improving product efficiency, including MoneyBot for Cash App and ManagerBot for Square. https://(wublock123.com)/news/block-raises-full-year-guidance-after-ai-layoffs-postmarket-stock-rises-60710