Coinbase reports a net loss of $545 million in the third quarter of 2022
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Answer Coinbase reports a net loss of $545 million in the third quarter of 2022
Cryptocurrency exchange Coinbase revealed that its third-quarter revenue fell short of analyst expectations and suffered a larger-than-expected loss.
As retail traders and investors abandoned the cryptocurrency market due to the ongoing downtrend, revenue is down more than 50% from the previous year.
Financially, the company incurred a loss of $545 million, but initially made a profit of nearly $400 million over the previous year.
Coinbase said in a letter to investors:
Transaction yields were significantly impacted by strong macroeconomic and cryptocurrency headwinds, as well as trading volume moving offshore.
The number of users on Coinbase has decreased over the course of the year.
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Compared to 9 million users in the previous quarter and 9.2 million in the first quarter, the company reported having 8.5 million monthly active users during the third quarter.
Analysts were expecting only 7.5 million users, according to StreetAccount.
According to Coinbase, the number of monthly users will be just under 9 million for the entire year.
At market close, COIN stock was down 8% but rose 5% to $58.65 in after-hours trading.
Compared to Bitcoin’s drop of nearly 56% over the year, Coinbase’s stock price is down more than 75% this year.
COIN STOCK:
After making its stock market debut last year, Coinbase has increased its staff and manpower to keep pace with the growing interest in cryptocurrencies and the need for cryptocurrency trading tools.
But in 2022, the trend changed dramatically, requiring the company to reduce the number of its employees.
Coinbase announced in June that it would cut more than 1,000 full-time jobs, or 18% of its workforce.
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