Coinbase (COIN) is cutting roughly 700 jobs, or about 14% of its total workforce. The announcement hit earlier this week and sent shares down 2.5%. But if you looked past the headline, the company's first-quarter earnings told a more nuanced story.
The layoffs were driven by a rough stretch for the broader crypto market and a push by management to rebuild Coinbase from the ground up as an artificial intelligence (AI) native company.
