Coinbase says it will cut 950 workers, book charges of up to $163 million
Coinbase Global Inc. stock COIN, +15.06% slid 2.8% in premarket trade Tuesday, after the crypto exchange said it’s cutting 950 jobs in a cost-cutting effort required given the current gyrations in the sector.
The company expects to book charges of about $149 million to $163 million for the cuts, divided between about $58 million to $68 million in cash charge relating to severance and $91 million to $95 million in stock-based compensation charges relating to the vesting of outstanding equity awards. Most of those charges will be booked in the first quarter of 2023, Coinbase said in a regulatory filing. The company also backed the guidance for 2022 offered in a November shareholder letter.
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