Coinbase jumps to a one-month high as the crypto exchange says it will slash another 20% of staff amid market slump
to navigate through turbulence in a crypto market hurt by slumping prices and organizational blow-ups.
The stock rose as much as 11% to $42.40, the highest price since December 13, but later pared the advance, rising 5.3% to $40.33. The crypto exchange plans to cut 950 jobs to reduce operating expenses by 25%, CEO Brian Armstrong said in a Tuesday"As we examined our 2023 scenarios, it became clear that we would need to reduce expenses to increase our chances of doing well in every scenario," he wrote, referring to the bull-, bear-, and base-case crypto market scenarios it runs as part of its annual planning process.
The company had about 4,700 employees as of September. In June, it slashed its headcount by 1,100 employees, or 18% of its workforce at that point. Coinbase shares were mauled last year, sliding 83% as the crypto market's valuation has spiraled down from $3 trillion as prices for
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