Coinbase Global Inc., the largest U.S. cryptocurrency exchange, is grappling with a severe financial downturn, highlighted by a 27% decrease in revenue and a staggering 98% drop in EBITDA. Analysts at Goldman Sachs have downgraded the company's stock to 'Sell,' with a reduced price target of $45. In an effort to address declining revenues, Coinbase announced an 18% workforce reduction, although this has been deemed insufficient to align costs with falling sales. As the company shifts focus to international markets and contemplates further reductions, rising interest rates continue to threaten its stability.
“Coinbase · is among · the latest companies to rescind job offers · true”
“tech layoffs · include companies · Coinbase, Tesla, Robinhood · vulnerable to rising interest rates”
“Coinbase · had a · great culture · before it went remote”
“Coinbase's culture · shifted after employees · went remote amid the pandemic · tensions escalated”
“Coinbase · laid off · 18% of its staff”
“Coinbase · posted revenues · declined · -27%”
“Coinbase · posted EBITDA · fell · -98%”
“Coinbase · is releasing · Nano Bitcoin Futures”
“Coinbase · is closing down · Coinbase Pro”
“95% · of what Coinbase made in Q1 was from · Retail segment”
“Coinbase Commerce · announced adding · tokens · Dogecoin and Shiba Inu”
“Coinbase Global Inc. · is turning abroad to fuel · growth in new users and revenue · true”
