Coinbase this week revealed that the exchange hit its peak workforce size in almost two years, suggesting a potential rebound in crypto industry hiring.
This growth is a hopeful indicator that the crypto sector may be recovering from the major market fluctuations that disrupted hiring in 2022.
Financially, Coinbase reported in a 10-Q filing that it spent $271m on personnel costs in Q3. It also allocated $248m for stock-based compensation.
In Jan. 2023, Coinbase implemented a restructuring that impacted 21% of its workforce. This move aimed to reduce operating costs and refocus business priorities amid ongoing market challenges in the cryptoeconomy.
Earnings per share were $0.28, missing the $0.45 forecast. Additionally, adjusted EBITDA was $449m, under the expected $469.2m.
However, on Wednesday, Coinbase reported disappointing third-quarter earnings. Total revenue was $1.2b, below FactSet’s $1.26b estimate.