• Coinbase reported a 27% decline in revenues in the first quarter
Coinbase (NASDAQ: COIN) told its staff on Tuesday that it would slow hiring and reevaluate its headcount, reversing earlier plans to triple its workforce in 2022.
“Given current market conditions, we feel it’s prudent to slow hiring and reassess our headcount needs against our highest-priority business goals,” Emilie Choi, Coinbase’s chief operating officer, said in a blog post.
The tech-heavy Nasdaq Composite has lost around a quarter of its value since the start of the year amid concerns around rising inflation and aggressive interest rate hikes from the Federal Reserve.
Most tech companies have been massively hit by the drop in prices. Coinbase makes most of its revenue from trading fees. The company reported a 27% decline in revenues in the first quarter as the platform’s usage fell.
Coinbase has entered a growing list of tech companies that have paused hiring. Uber and Facebook parent company Meta have taken similar steps, while Robinhood is cutting its headcount by about 9%.
Source - Coinbase
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