Coinbase Global Inc., which laid off staffers twice in the last year, is open to cutting more if it becomes necessary to improve the company’s financial performance, Chief Financial Officer Alesia Haas said.
(Bloomberg) — Coinbase Global Inc., which laid off staffers twice in the last year, is open to cutting more if it becomes necessary to improve the company’s financial performance, Chief Financial Officer Alesia Haas said.
The company, which previously said it would try to stay near break even, switched gears when it reported earnings Tuesday and said it will now strive to maintain positive earnings before items like interest, taxes, depreciation, and amortization.
Coinbase is looking to get there thanks to its subscriptions and services business, which now covers most of its expenses. It’s already substantially slashed its costs, with a 30% decline in items like technology, sales and marketing between the first and fourth quarters, according to the company’s shareholder letter. Coinbase cut 20% of its staff in January, after laying off 18% of last June. More cuts could come if necessary, Haas said.
“We are looking to improve EBIDTA year over year,” Haas said in an interview. If we find we are not able to do so, we will right size our expenses. We are nimble, we will take necessary steps.”
Many crypto companies, including Blockchain.com, Crypto.com, Kraken and Gemini cut jobs in the past year.
Coinbase reported a fourth-quarter revenue drop that was less than forecast by analysts. The net loss in the quarter was $557 million, while trading volume missed estimates.
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