Tech companies are warning of a slowdown in hiring.
The exchange told staff Tuesday that it would slow hiring and rethink its plans to triple its workforce.
Given current market conditions, we feel it's prudent to slow hiring and reexamine our needs against our highest priority business goals, according to the chief operating officer.
Headcount growth is an important input to our financial model, and this is an important action to ensure we manage our business to the scenarios we planned for.
Companies are rethinking their plans in order to convince investors that they can weather the storm. Since the start of the year, the index has lost 25% of its value due to concerns about rising inflation and interest rate hikes from the Federal Reserve.
The price of digital currencies has fallen, and that has hit the shares of Coinbase the hardest. After the collapse of Terra, which was a controversial stable coin project, the price of Bitcoin fell to its lowest level in over a year.
The shares of the company were up.
In the first quarter of the year, the company reported a 27% decline in revenues due to a decrease in usage of the platform. In a call with analysts, the company's management said that it is investing heavily in compliance but that it could use the money to cut down on costs.
We know that market downturns can feel scary, but we are starting to put some of our plans into practice.
She said that they are in a strong position and have been through several market downturns before.
The latest tech firm to commit to reducing investment in hiring is Coinbase. Similar steps have been taken by both Meta and Uber.
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