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Coinbase lays off another 20% of staff

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Cryptocurrency exchange Coinbase Global Inc. said on Tuesday it will reduce its workforce by about 20 per cent, or 950 employees, which is the third round of major layoffs at the company in under a year.

The company said it expects to incur about $149 million US to $163 million US in restructuring expenses. Its shares fell three per cent in early trading on the stock market. Over the past year, the company’s shares have lost about 90 per cent of their value amid a broader cryptocurrency plunge.

“The entire industry is going through a crisis of confidence and trading volume remains very weak. This job cut is a reflection of the current challenging environment,” said Owen Lau, analyst at Oppenheimer.

Last year, rising interest rates and worries of an economic downturn wiped out more than a trillion dollars from the crypto sector. The slump also forced key industry players such as Three Arrows Capital and Celsius Network to shut shop.

However, the bigger blow came after larger crypto exchange FTX filed for bankruptcy protection in November. Its swift fall has sparked tough regulatory scrutiny of how major exchanges hold user funds.

“We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion,” Coinbase CEO Brian Armstrong said in a blog post.

“We will be shutting down several projects where we have a lower probability of success.”

Coinbase said it had no additional comment on the plan.

The crypto world’s woes have continued this year, marked by plunging deposits, layoffs and multiple legal hurdles.

Coinbase in November cut more than 60 jobs in its recruiting and institutional onboarding teams, after slashing 1,100 jobs, or 18 per cent of its workforce, in June.

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Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

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TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

The Canadian Press. All rights reserved.

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Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

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ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

The Canadian Press. All rights reserved.

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Thomson Reuters reports Q3 profit down from year ago as revenue rises

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TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.

The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.

In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.

On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.

The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:TRI)

The Canadian Press. All rights reserved.

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