shares of coinbase global inc on tuesday climbed 62 to 4063 after the cryptocurrency company unveiled a plan to cut about 20 of its workforce the effort to reduce costs boosted shares as high as 4240 a level last seen dec 13 the stock is down about 79 since the end of march when the securities and exchange commission told publicly traded cryptocurrency exchanges like coinbase to report their customers digital tokens as liabilities on their balance sheets coinbase said it aims to reduce operating costs by 25 in the first quarter of the year from the prior quarter by cutting about 950 jobs at the end of september the company had about 4700 employees additionally the company said it expects to incur into total restructuring expenses of between 149 million and 163 million costs linked to contract terminations are set to be in the range of 58 million to 68 million the company said the restructuring plan comes as a response to the ongoing market conditions impacting the cryptoeconomy as well as ongoing business prioritization efforts coinbase said these charges are anticipated to be recognized in the first quarter of 2023 the company said the restructuring plan on the other hand is expected to complete in the second quarter coinbase said