Coinbase Global, Inc. (COIN): restructuring charge — Coinbase announces 950 layoffs, FY2022 Adj. EBITDA expected within -$500M loss guid

Coinbase Global, Inc.

Restructuring plan to cut ~950 employees, substantially complete by Q2 2023.
Expected total restructuring charges of $149M-$163M, including $58M-$68M cash severance and $91M-$95M stock-based compensation.
Preliminary FY2022 results: Adjusted EBITDA expected within prior negative $500M loss guardrail; other metrics consistent with outlook.
Q1 2023 operating expenses expected ~25% lower than Q4 2022 due to cost management.

item 2.02 item 2.05

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Coinbase Global, Inc. updated its year ended December 31, 2022 guidance (reaffirmed).

Period: year ended December 31, 2022
Guidance: reaffirmed
Result: preliminary results

Exact text from the filing

On January 10, 2023, Coinbase Global, Inc. (the “Company”) announced certain preliminary unaudited financial and operating results for its year ended December 31, 2022. The Company expects to report

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Coinbase Global, Inc. announced a restructuring with charges of approximately $149 million to $163 million (approximately 950 employees).

Type: restructuring
Charge: approximately $149 million to $163 million
Headcount: approximately 950 employees

Exact text from the filing

execution of the Plan to be substantially complete by the second quarter of 2023. In connection with these actions, the Company estimates that it will incur approximately $149 million to $163 million in total restructuring expenses, consisting of approximately $58 million to $68 million in cash charges related to employee severance and other termination

View on SEC.gov

Browse all earnings releases →

Coinbase Global, Inc. filing history →

Source: SEC EDGAR

accession 0001679788-23-000003

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.