Coinbase Global Inc.'s shares fell over 3% on Tuesday, setting the stage for further declines before the opening bell on Wall Street following the news that the company will lay off nearly 950 workers in an effort to "weather downturns in the crypto market."
"In 2022, the crypto market trended downwards along with the broader macroeconomy. We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion," the company's CEO Brian Armstrong said in a blog post, adding that the cryptocurrency platform will cut its operating expenses by 25%.
Last year, the cryptocurrency exchange reduced its workforce by roughly 18% owing to rapidly changing economic conditions. The company's stock dropped 3.32% to sell at $37.03 per share in the premarket trading at 7:04 am ET.
