Coinbase Global Inc. stock
COIN,
slid 2.8% in premarket trade Tuesday, after the crypto exchange said it’s cutting 950 jobs in a cost-cutting effort required given the current gyrations in the sector. The company expects to book charges of about $149 million to $163 million for the cuts, divided between about $58 million to $68 million in cash charge relating to severance and $91 million to $95 million in stock-based compensation charges relating to the vesting of outstanding equity awards. Most of those charges will be booked in the first quarter of 2023, Coinbase said in a regulatory filing. The company also backed the guidance for 2022 offered in a November shareholder letter. It said it still expects adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) to be within the $500 million loss range provided in the guidance. The stock has fallen 83% in the last 12 months, while the S&P 500
SPX,
has fallen 17%.
