Coinbase Cuts 20% of Staff as Crypto Slump Continues

The video discusses a crypto exchange's decision to cut 20% of its workforce, as stated by CEO Brian Armstrong. The layoffs are attributed to a focus on operational efficiency amid a downturn in the crypto market and macroeconomic challenges. The company has reduced headcount multiple times due to decreased trading volumes, especially after the FTX incident. Despite these challenges, the stock has seen a slight increase. The company is also incurring restructuring charges and experiencing negative net income, contrasting with its strong financial performance in 2021.

What was the stock performance of the company on the day of the layoffs announcement?

How many employees have been cut in total over the last eight months?