Coinbase remains long-term winner despite job cuts, crypto turmoil, analyst says

Coinbase Global (NASDAQ:COIN), America's largest cryptocurrency exchange by daily trading volume, is viewed as a long-term winner even after it slashed headcount by 18% in an effort to manage expenses amid turbulent market conditions, said Bank of America analyst Jason Kupferberg in a note Wednesday. Its cost-cutting effort of embarking on layoffs "is not at all surprising in light of the big correction in crypto prices and management’s commentary last month on the 1Q call about maintaining a flexible cost structure in the context of running the business to generate no more than a $500M adj. EBITDA loss this year," Kupferberg, who is keeping his Buy rating on the exchange, explained. The layoffs come after the company in the beginning of June had extended its hiring pause for both new and backfill positions. The analyst added that the company's Technology & Development and General & Administrative Expense guidance could decline at