Why Coinbase (COIN) Stock Is Plunging Today - Coinbase Global (NASDAQ:COIN)

Coinbase Global, Inc COIN disclosed a restructuring plan letting go of 950 employees, helping it reduce its operating expenses by 25% amid the crypto meltdown.
Coinbase looks to incur $149 million - $163 million in total restructuring expenses, consisting of $58 million - $68 million in cash charges related to employee severance and other termination benefits.
Coinbase expects $91 million - $95 million in stock-based compensation expenditures.
Coinbase looks to recognize all of these charges substantially in the first quarter of 2023 as it lets go off 20% of its workforce, CNBC reports.
Coinbase already slashed 18% of its workforce in June to help control operating expenses in response to current market conditions.
Last week, Amazon.com Inc AMZN shared plans to slash 18,000 jobs, more than the online retailer initially estimated the previous year, while Salesforce, Inc CRM reduced its headcount by more than 7,000, or 10%.
Crypto companies Genesis, Gemini, and Kraken have also reduced their workforces.
Price Action: COIN shares traded lower by 3.56% at $35.91 in the premarket on the last check Tuesday.