Tech companies rocked by layoffs as industry faces biggest downturn in two decades

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Many technology companies that expanded during the pandemic are now pulling back, laying off workers and retracting job offers as the U.S. economy slows.

On Tuesday, the cryptocurrency exchange Coinbase said it was cutting its workforce by 18%, or about 1,100 people, with CEO Brian Armstrong warning that “we appear to be entering a recession after a 10-plus year economic boom.” He added that the publicly traded company, which has a market value of more than $13 billion, “grew too quickly” in 2021 as it scaled up to take advantage of the crypto craze.

The slump is affecting a wide

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