Coinbase shares pop 12% on company's plans to slash workforce
Publishing timestamp: 2023-01-10 15:34:35
Summary
Coinbase announced it will cut 20% of its workforce, extending its rally from Monday when shares of the exchange soared after analysts said they believe the company has potential to thrive in the long term. Other tech companies such as Amazon, Salesforce, Twitter, and Metac have also reduced their workforces. Crypto companies such as Genesis, Gemini, and Kraken have also reduced their workforces. Analysts recognize that the fallout from the crypto exchange FTX has set the industry back significantly, but they believe the strongest companies will survive and even thrive in the long term.
Sentiment: MIXED
Tickers: CRM, COIN, META, AMZN,
Keywords: elon musk, coinbase global inc, internet, enterprise, business news, technology,
Source: https://www.cnbc.com/2023/01/10/coinbase-stock-pops-on-plans-to-slash-workforce-.html