After Coinbase's Latest Move, Is It Time to Sell the Stock?
Cryptocurrencies have been getting crushed in recent months. And because of this, Coinbase (NASDAQ: COIN), is under serious pressure. The top U.S. crypto brokerage and exchange operator reported a 35% year-over-year revenue decline and a $430 million net loss in the first quarter of 2022, a major reversal of fortune compared with prior quarters. And the stock, which is down 74% so far this year, is hurting shareholders' portfolios.
However, there is another stakeholder group that is feeling the brunt of Coinbase's struggles, and it is something that investors need to know about. Let's take a closer look.
Like many other tech companies, including Meta Platforms, Netflix, and Salesforce, Coinbase recently implemented a hiring freeze. After starting the year with plans to triple the employee headcount in 2022, the emphasis now is to focus on the most pressing business needs, like security and compliance.
Source Fool.com
