Coinbase Stock Tumbles On JPMorgan Downgrade, Big Job Cuts Plan

Updated at 11:18 am EST

Coinbase Global (COIN[1]) – Get Coinbase Global Inc Report[2]shares slumped lower Tuesday after analysts at JPMorgan slashed their price target on thedigital currency trading platform amid a trillion meltdown in global cryptocurrency markets.

Shares were further pressured by news that the group will cull around 18% of its workforce, a level that would eliminate around 1,100 jobs and generate ‘”substantial” reorganization charges.

“We appear to be entering a recession,” which “could lead to another crypto winter, and could last for an extended period,” Coinbase said in a blogpost. “While we tried our best to get this just right, in this case it is now clear to me that we over-hired.”

References

  1. ^ COIN (www.thestreet.com)
  2. ^ Get Coinbase Global Inc Report (secure2.thestreet.com)

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