Coinbase appears to have a hiring freeze in 2023
Coinbase has released its financial results for 2022 and it looks like their efforts to ride out this difficult period for Crypto are bearing fruit. Analysts expected revenue to be around $581m, but the crypto exchange instead made over $629m.
Revenues aren't everything of course and much of the fuss made around Coinbase has concerned its layoffs, first in the middle of 2022 and then just last month. Headcount fell 4% from the previous quarter in Q4 and yet was still up 21% year-on-year at 4,510 employees at year end.
Don't expect that number to go up any time soon, though. Today's shareholder letter states the firm does "not expect to meaningfully increase [its] headcount compared to Q1 levels."
The implication is of course a hiring freeze, but it may be a case of one in one out.
Coinbase's regional managing director for EMEA Daniel Seifert recently announced its plans to grow in the UK, but suggested hiring won't be happening yet.
Keeping a handle on costs seems to be going well for Coinbase. In the investor letter, the company states that "recent headcount reduction and ongoing cost management efforts will result in a 30%+ reduction in... expenses" across all departments.
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