Shares of Coinbase Global Inc. (COIN) were soaring in premarket trading Tuesday after the cryptocurrency marketplace suggested that it would be less aggressive than previously expected in its efforts to expand the business and grow hiring. "Heading into this year, we planned to triple the size of the company," President Emilie Choi said in a Monday blog post. "Given current market conditions, we feel it's prudent to slow hiring and reassess our headcount needs against our highest-priority business goals. Headcount growth is a key input to our financial model, and this is an important action to ensure we manage our business to the scenarios we planned for, specifically the potential Adjusted EBITDA we are aiming to manage to." Coinbase shares have cratered more than 75% on the year as cryptocurrency trading has fallen off. The latest blog post comes on the heels of Coinbase's March-quarter earnings report last week, in which the company posted a sharp drop in users relative to the December quarter. At the time of the earnings call, the company also reiterated its intent to make 2022 an investment year.
(END) Dow Jones Newswires
May 17, 2022 09:20 ET (13:20 GMT)
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