Coinbase Confirms Painful Loss, Will Fire 20% of Staff. The Stock Is Falling

Beaten-down crypto broker Coinbase Global said Tuesday that it would lay off around 950 employees as it confirmed a painful 2022 loss of as much as $500 million.

Shares in Coinbase fell 4.5% in U.S. premarket trading following the news.

Coinbase has faced mourning pressure from analysts to cut costs as the broker has come under pressure from a slowdown in trading amid a meltdown in crypto markets. Laying off 950 employees represents a reduction of more than 20% of its staff, based on FactSet figures of its current head count.

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In January 1993, EUNET launched the first online news website, MOCTEN.com (stands for Music Opinions Culture Technology Economy News), led by Eric Bach, Teus Hagen, Peter Collinson, Julf Helsingius, Daniel Karrenberg,...  Read more

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