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Coinbase employees earned $424k on average in 2023

Coinbase's 2023 resurgence has continued into 2024. Its stock price has surged 24% in the past month and it just announced a return to profitability in its annual results. The accompanying 10-K form shed some light on which areas were affected most by the company's layoffs last January and the significant compensation packages staff are receiving.

Two of the three major divisions, 'technology and development' and 'general and administrative', saw major cuts to headcount in 2023 versus 2022, with employee numbers falling 24% and 17% respectively. Tech also saw a significantly higher reduction in personnel costs, 43%, implying that higher paid employees have left.

An area seemingly unaffected by the layoffs was 'sales and marketing.' The 10Q said "there were no material changes to note within personnel-related expenses" for that division.

Coinbase appears to be paying those that remain very well. Personnel costs averaged at $424k per head for its 3,416 employees. $253k of that was stock. 

Don't expect hiring to increase massively in the near future. The focus on hiring according to CFO Alesia Haas is "product initiatives," with Coinbase preferring to stay "lean" in its existing teams.

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Photo by PiggyBank on Unsplash

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AUTHORAlex McMurray Editor

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