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00:03Coinbase said, Tuesday it will cut about 14% of its workforce, or roughly 700 employees,
00:09citing crypto market volatility and AI-driven changes to operations ahead of its first quarter
00:14earnings report Thursday. CEO Brian Armstrong said the company is adjusting its cost structure
00:19during a down market to emerge leaner and more efficient. He said AI is accelerating what
00:25smaller teams can accomplish, and the company is rebuilding to be AI native.
00:30Coinbase expects restructuring to conclude in the second quarter with $50 million to $60 million
00:35in expenses, according to an SEC filing. Armstrong reaffirmed a bullish crypto outlook, while an
00:42analyst said the move signals active cost management during a weak market cycle.
00:47Shares fell 2.5%. For all things money, visit Benzinga.com.
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