Coinbase to Cut About 950 Jobs in Latest Restructuring (1)

Coinbase is cutting about 950 employees as part of a further restructuring plan.

• Sees about $149M to $163M in total restructuring expenses
  • About $58 million to $68 million in cash charges related to termination benefits
  • Expects about $91 million to $95 million in stock-based compensation expenditures
• Expects to incur restructuring charges in 1Q
• Sees restructuring ‘substantially complete’ by 2Q
• Will reduce opex by about 25% q/q, CEO Armstrong says in letter
• Reduction taken “in response to the ongoing market conditions impacting the cryptoeconomy, as well as ongoing business prioritization efforts,” statement says

PRELIM RESULTS

• Prelim. 2022 adj. EBITDA within -$500 ...