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Crypto Firm Coinbase Posts $557 Million Loss

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Coinbase Global Inc. posted a $557 million loss and saw revenue tumble 75% in Q4 2022.

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Revenue for the quarter ended in December was $629 million, which was higher than the analyst estimate of $581 million.

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The loss was compared with net income of $840 million in the previous year's quarter.

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The company expects first-quarter subscription and services revenue between $300 million and $325 million.

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The loss was the fourth consecutive one for Coinbase, which has suffered from the wild fluctuations of crypto prices.

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Coinbase has evolved to aim for generating "adjusted Ebitda in all market conditions."

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It may consider legal action if regulators determine that a cryptocurrency on its platform is a security.

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Coinbase's market share dropped from 5.9% in November to 4.1% in February.

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Assets on the platform fell to $80 billion, down 71% from a year ago.

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Despite the loss, Coinbase's shares have rallied by about 75% so far this year, as a crypto price rally ramped up trading volumes.

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