CEO Brian Armstrong said Tuesday that the company will cut roughly 14% of its workforce, citing a combination of market volatility and the how AI is quickly changing how the company operates.
The move comes ahead of Coinbase’s first-quarter earnings, which the company is scheduled to report Thursday. Shares were up more than 3% in premarket trading.
Man tough to be a developer these days
It’s tough to be a lot of things these days
he said each engineer will do the full stack including scaling. so does that engineer get a 600% increase in salary to account for all the head count they are saving??
Doesn't Coinbase custody like all the suits' bitcoin? And they are doing this with AI code?
AI acceleration is becoming the new favorite corporate buzzword for layoffs. It’s a tough break for the 14% being let go just so the stock can jump 3% in premarket. Hopefully, the remaining team isn't just expected to do double the work with a chatbot.