other material
confidence high
sentiment negative
materiality 0.70
Coinbase cuts ~1,100 employees (18% of workforce); $40-45M in restructuring costs
Coinbase Global, Inc.
- Reduction of ~1,100 employees, ~18% of global workforce; expects ~5,000 employees after.
- Estimated restructuring charges of $40M to $45M, all cash-based, primarily severance.
- Execution expected substantially complete in Q2 2022.
- FY2022 tech/dev and G&A expenses expected closer to lower end of prior guidance (from May 10, 2022).