Cryptocurrency trading platform Coinbase Global (NASDAQ: COIN) announced a restructuring plan and the expectation for job cuts Tuesday morning, sending shares lower. Here are the details.
What Happened: Coinbase announced a restructuring plan to help control operating expenses in response to current market conditions.
The company will reduce its workforce by around 1,100 employees, or around 18% of its current global workforce. Coinbase expects to have around 5,000 total employees at the end of the current quarter, ending June 30, 2022.
The restructuring efforts are expected to cost $40 million to $45 million in the second quarter related to severance and termination benefits. The costs will be realized in the second quarter.
All employees …
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