Coinbase Beats Earnings Expectations
The company’s revenue for the fourth quarter of 2022 was $604 million, an increase of 5% over the $590 million it earned in Q3.
Key TakeawaysCoinbase reported higher earnings yesterday than expected.
The company earned $604 million in revenue during the final quarter of 2022, surpassing the $590 million it earned in the previous quarter.
Coinbase’s performance is partially due to an increase in its interest income.
Share this articleCoinbase claims it is “largely resilient despite major surprises to the system.” Largely ResilientCoinbase has started the year strong. The top U.S.-based cryptocurrency exchange reported $604 million in revenue for the fourth quarter 2022, surpassing estimates of $589 million. This is 5% more than the $590 million that the company earned in the third quarter. $146 million of the $186 million came from USDC interest income. Coinbase CEO Brian Armstrong previously stated that he wanted to see the exchange move away from transaction fees as the main source of revenue to reduce the company’s dependence on market conditions. According to the report, “Coinbase and cryptocurrency proved to be largely resilient” in 2022 despite major system shocks. The report stated that although the crypto market capitalization fell 64% over the past year and volatility hit multi-year lows in 2018, the company maintained that long-term fundamentals were strong for Coinbase and the entire crypto sector. It also addressed the “disjointed” regulatory environment in the United States. The report cited FTX’s November collapse as a key catalyst for the increased attention crypto companies have received from regulators, particularly the SEC. According to the report, Coinbase would benefit from a more clear regulatory framework. This could be achieved by Congress passing federal crypto legislation. According to Armstrong, policy is my top priority for the year. Decentral Media, Inc. does not provide investment advice. We do not provide personalized investment advice or any other financial advice. This website’s information is subject to change at any time. The information on this website could become obsolete or incorrect. You may not be able to update any information that is outdated, incomplete or inaccurate. We also reserve the right to change any information that is incorrect, incomplete or outdated. If you need investment advice about an ICO, IEO or other investment, we strongly recommend that you consult a licensed financial advisor or other qualified financial professional. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.See full terms and conditions.Recommended News