Coinbase pumped the brakes on hiring as Wall Street's love affair cooled by fintechfrank
"This was devastating to me," Ukey, a machine learning programmer, wrote on LinkedIn.
But in recent months, banks slashed their price targets, with the average price target collapsing from $279 on the week of April 22 to $145 as of the time of writing, according to The Block Research. That last figure represents a 96% premium over the current fair market price.A reduction in corporate spend — total operating expense weighed in at $1.7 billion during Q1 2022 — could help win back analysts who have highlighted expenses in earnings calls.
As for hiring itself, Will Nance of Goldman Sachs described the 1,200 hires in the first quarter as a strikingly"large" figure. In response, Coinbase CFO Alesia Haas said that slowing hiring was one lever at the firm's disposal to cut expenses. Still, while Coinbase's cost-cutting will have a clear impact on the bottom line, there is also a more intangible cost to pulling back offers from would-be employees. Emails made public indicate that Coinbase initially told incoming staffers that their jobs would be safe.
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