Coinbase surpasses Q4 2022 revenue expectations
Cryptocurrency exchange got $1.86 billion in Q4 2022
Coinbase, one of the world’s largest cryptocurrency platforms, beat fourth-quarter 2022 revenue expectations, despite falling transaction volume.
The company reported revenue of $1.86 billion, beating the estimates of analysts, who had projected revenue of $1.82 billion.
Despite this success, the volume of transactions on Coinbase fell during the last quarter. The company reported that the volume of transactions on its platform decreased by 24% from the previous quarter, from 295 billion to 225 billion. This drop is partly due to declining interest in cryptocurrencies, especially Bitcoin.
Despite the decline in transaction volume, Coinbase saw the number of users on its platform increase by 19%, reaching 9.5 million in Q4 2022.
(Reference image source: file)
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