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J. Edward Moreno

Coinbase CEO: Company cutting 14% of employees

Coinbase CEO Brian Armstrong said the company is cutting 14% of its workforce, citing volatile crypto markets and artificial intelligence, saying he is “rebuilding Coinbase as an intelligence, with humans around the edge aligning it.”

The cuts will impact about 700 employees and will be “substantially complete in the second quarter of 2026,” the company said in a regulatory filing. The restructuring will cost up to $60 million.

Armstrong said Coinbase will have fewer layers of management and lean heavily on AI. He said that engineers and nontechnical workers at Coinbase have been able to enhance their work with AI already.

The move comes as the company is scheduled to report earnings results on Thursday. The crypto bear market has been a headwind for the company in recent quarters, with analysts expecting the company’s Q1 profits to decline by 58% year over year.

Shares rose as much as 8% in premarket trading after the announcement. The company is down over 14% since the start of the year through yesterday’s close.

Coinbase is not the first struggling company to say it is cutting workers after finding efficiencies through AI.

Block, the payments and fintech firm led by Twitter cofounder Jack Dorsey, announced in February that it would cut 40% of its 10,000-person workforce amid an AI push. The company is a fraction of where it was in 2021, as its financial results consistently came in under expectations. Dorsey acknowledged that the company “over-hired during covid because i incorrectly built 2 separate company structures.”

Coinbase is not the first struggling company to say it is cutting workers after finding efficiencies through AI.

Block, the payments and fintech firm led by Twitter cofounder Jack Dorsey, announced in February that it would cut 40% of its 10,000-person workforce amid an AI push. The company is a fraction of where it was in 2021, as its financial results consistently came in under expectations. Dorsey acknowledged that the company “over-hired during covid because i incorrectly built 2 separate company structures.”

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Paige Oamek

Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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