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KRAKEN ROBOTICS INC.

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Delayed Bourse de Toronto  -  03:10:24 2023-01-30 pm EST
0.6300 CAD   -1.56%
01/17Kraken Robotics Provides Update on Subsea Laser Scanner Service Activities
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01/17Kraken Provides Update on Subsea Laser Scanner Service Activities
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01/17Kraken Provides Update on Subsea Laser Scanner Service Activities
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Kraken to cut about 1,100 global jobs as crypto winter bites

11/30/2022 | 11:36am EST

Nov 30 (Reuters) - Cryptocurrency exchange Kraken said on Wednesday it would cut its global workforce by 30%, or about 1,100 employees, citing tough market conditions that have crippled demand for digital assets this year.

Higher interest rates and worries of an economic downturn have roiled cryptocurrencies as investors fled risky assets, with recent bankruptcies adding to the uncertainty.

"Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets," the company said.

Kraken said it has seen a drop in trading volumes and fewer client sign-ups, adding that the layoffs will take total headcount to where it was 12 months ago.

Earlier this month, crypto exchange Coinbase Global Inc slashed jobs in its recruiting and institutional onboarding teams.

Kraken, which earlier slowed hiring and pulled back marketing spending, said it was forced to cut jobs as it had exhausted other measures to bring expenses in line with current demand.

Meanwhile, the implosion of crypto exchange FTX, the highest-profile casualty of the year's market turmoil, continues to ripple across the industry, with BlockFi filing for bankruptcy earlier this week.

The meltdown has dragged the price of the largest cryptocurrency, bitcoin, to around a two-year low.

Global regulators have since been circling crypto firms with many seeking to set tough rules to govern the largely unregulated sector.

(Reporting by Manya Saini in Bengaluru; Editing by Sriraj Kalluvila)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BITCOIN (BTC/EUR) 3.05% 21847.5 End-of-day quote.40.97%
BITCOIN (BTC/USD) 3.11% 23747.3 End-of-day quote.42.94%
COINBASE GLOBAL, INC. -6.47% 57.485 Delayed Quote.73.41%
KRAKEN ROBOTICS INC. -1.56% 0.63 Delayed Quote.12.28%
XRP (XRP/BTC) -1.64% 1.742E-5 End-of-day quote.-14.57%
XRP (XRP/EUR) 1.39% 0.3797 End-of-day quote.20.12%
XRP (XRP/USD) 1.30% 0.4133 End-of-day quote.22.03%
All news about KRAKEN ROBOTICS INC.
01/17Kraken Robotics Provides Update on Subsea Laser Scanner Service Activities
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01/17Kraken Provides Update on Subsea Laser Scanner Service Activities
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01/17Kraken Provides Update on Subsea Laser Scanner Service Activities
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01/17Kraken Robotics Inc. Provides Update on Subsea Laser Scanner Service Activities
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01/12Kraken Robotics Says Expects to Report $40 Million in 2022 Revenue, up 56% Year-Over-Ye..
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01/12Kraken Robotics Inc. Re-Affirms Non-Audited Earnings Guidance for the Year Ended Decemb..
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01/12Kraken Expects to Report $40 Million in 2022 Revenue, up 56% Year-Over-Year
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01/10Kraken Robotics Names Chief Technology Officer
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01/10Kraken Announces Appointment of David Shea as Chief Technology Officer
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01/10Kraken Announces Appointment of David Shea as Chief Technology Officer
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More news
Financials
Sales 2022 40,4 M 30,2 M 30,2 M
Net income 2022 -3,43 M -2,57 M -2,57 M
Net Debt 2022 - - -
P/E ratio 2022 -32,0x
Yield 2022 -
Capitalization 129 M 96,6 M 96,6 M
Capi. / Sales 2022 3,20x
Capi. / Sales 2023 1,92x
Nbr of Employees 211
Free-Float 76,0%
Chart KRAKEN ROBOTICS INC.
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Kraken Robotics Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 2
Last Close Price 0,64 CAD
Average target price 0,98 CAD
Spread / Average Target 52,3%
EPS Revisions
Managers and Directors
Reid Gregory Michael President & Chief Executive Officer
D. Joseph MacKay Chief Financial Officer
Karl Kenny Executive Chairman
David Shea Chief Technology Officer
Jeremy Dillon Chief Scientist