Market Analysis Report (22 Feb 2023)

Nasdaq-listed cryptocurrency exchange Coinbase (COIN) has reported Q4 net revenue of $605 million, beating analyst estimates of $588 million, and rising 5% from $590 million in the third quarter.

The company reported an adjusted loss of $2.46 per share for the quarter, beating estimates of a loss of $2.52 per share. Its transaction volume has fallen 12% quarter-over-quarter to $322 million.

The company’s subscription and service revenues grew 34% quarter-over-quarter to $283 million and accounted for nearly 50% of its overall revenues in Q4. Coinbase’s shares have moved slightly up in after-hours trading.

In its shareholder letter, Coinbase said there was an improvement in crypto markets so far during Q1 as compared to Q4, resulting in transaction revenue of $120 million in January 2023. However, the company advised investors against projecting these results into the future, given the rapidly changing nature of the market as evidenced by last year’s experience.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/feb/22/