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The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data.
Let's take a look at some stocks on the move today. I'm Tom Keen with bol Sweeni and Bloomberg's Alexis christoffers.
Thank you, Tom. I want to start with Coinbase because the stock is up more than four percent and it can use it because you're to date it's down more than ten percent, and a little change really hasn't done much of anything in the past years. So here's the news. This is a crypto exchange, of course, and Coinbase is going to cut around fourteen percent of its workforce. That amounts to about seven hundred jobs. It is citing the need to manage costs and what it calls a volatile market,
and also, of course, advances in artificial intelligence. Now Coinbase is CEO Brian Armstrong. He took to x to post that it plans to concentrate its remaining staff around AI skills and it wants to reduce layers of management. So what is that going to look like? It says in this new structure, some teams can consist of just one person with the responsibilities of things like engineers, designers, and product managers combined into a single role. Now, it's not
the latest company to cut costs. In the crypto and payment space, Block and Gemini Space also slashed staff recently again because as they incorporate AI and also coin basically going to be out with earnings on Thursday.
So we're looking for you nailed that and that you said slash. Are they slashing or at the margin or are they just absolutely getting rid of businesses? That's what I can't get a picture.
I don't I don't know. Are they just doing you know, more with less? You know, namely with AI.
I mean traditionally it's like, you know, two percent, okay, it's competition four percent help here. Anything over four percent gets your attention. Yep. Those are ginormous. They are.
And I don't feel like this is pairing back employee hoarding like we saw maybe in the pandemic.
They were well passed you.
I've just said, clear hoarding. I think this is just AI. Yeah, I don't know.
Which also plays into my next stock is pinterest cut jobs. You remember back in January because of AI, so it's in the news today because this it's skyrocketing the stock nineteen percent a year to date, Pinterest is down about ten percent. For those who don't know, Tom Keane, Pinterest is a visual search engine. You can save things and discover things like recipes, home to core travel.
You know.
It was like a feast for the eyes. So the company reported first quarter sales at top estimates. It's revenue outlook for the current period better than expected. It feels more than eighty billion searches each month. I had no idea it has over six hundred and thirty million month.
It was years ago. I interviewed Ben, the founder. You know, it was very pinteresting and all that except nobody I knew my Michael Darter was not on Pinterest, right, you know. I mean it's simple is that it's successful, like and it's women, and it's like, you know, how to divorce.
I don't have the demographics, Mber, but I'm going to take a wild guest and say it's mostly women who jump on Pinterest and save things, and.
It's still success.
You're aspirational, you know pin boards if you will.
For folks, it's working.
So my Pinterest bow tie display didn't no.
That did a fly next, all right, Shopify, We're gonna stick with this whole e commerce platform idea. Right now, the stock is down six percent. So Shopify continued top line growth but weak earnings in the first quarter. Revenue was up thirty four percent from a year ago. That was good, but net income coming in below expectations, And if you include investment losses, Shopify actually swung to a loss in the quarter of forty five cents a share.
Shares of Spotify or not Spotify, I'm sorry Shopify. Shopify. We're already down twenty one percent this year after a fourth quarter earnings miss. And again it's fears around AI. The fear here is that it could displace some of these legacy e commerce software companies like Shopify.
Yeah, possibly, right, I mean, I think it's gonna become more and more in the shopping experience. Yeah, for a lot of people.
Now they've got AI shopping assistance that some of these icon e commerce platforms are coming out with. So it's prevalent.
This stock Moover's report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest market moving headlines. Listen to Bloomberg Radio Live. Catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.