Benzinga - by Ananya Gairola, Benzinga Staff Writer.
During the fourth-quarter earnings call, Block Inc. (NYSE:SQ) CEO Jack Dorsey highlighted the pivotal role of artificial intelligence in the company’s present and future.
What Happened: During the call, Dorsey underscored the significance of AI in the company’s operations.
He said, “You all have been hearing AI constantly in all these calls in terms of efficiency, but it’s going to be extremely impactful for us. As we look at everything that we’re doing and all the tools that we’re building and how much more productive it makes all of our engineers.”
Dorsey further explained that "in the very near future," AI will enable his company to learn faster, ship products more quickly, rectify errors promptly, and maintain a competitive edge in creativity and system integration.
AI "allows us to learn much faster, it allows us to ship faster, allows us to correct mistakes much faster, and really be ahead of the market where we think our strength is, which is creativity, and bringing all these very complex systems together," he said.
Block’s fourth-quarter revenue reached $5.77 billion, marking a 24% increase compared to the last year. This surpassed the consensus estimate of $5.70 billion, according to data from Benzinga Pro.
Why It Matters: Dorsey’s acknowledgment of AI’s potential aligns with the ongoing discourse on the role of AI in the tech industry.
Last year in an interview, Dorsey challenged Elon Musk’s views on AI regulation and praised Mark Zuckerberg’s open-source approach. "I don't believe pausing AI is realistic," he said at the time.
Previously, Ethereum (CRYPTO: ETH) co-founder Vitalik Buterin also expressed excitement about an AI application that could help Ethereum’s blockchain overcome its biggest technical challenge.
"One application of AI that I am excited about is AI-assisted formal verification of code and bug finding," Buterin said earlier this week.
Check out more of Benzinga’s Consumer Tech coverage by following this link.
Read Next: Jack Dorsey’s Block Implements Major Layoffs, Reduces 10% Of Workforce Amid Broader Tech Industry Job Cuts: Report
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.