​Coinbase Beats 4Q22 Net Revenue Expectations Despite Increase in Net Losses

The US-based crypto exchange Coinbase has generated $605 million net revenue for the fourth quarter of 2022, beating the expectation of $589 million reportedly by Wall Street analysts. But the figure was down 76% on a yearly basis.

The company’s revenue for the quarter reached $182.2 million, compared to that of $101.8 million in the third quarter of 2022 and $7.6 million in the fourth quarter of 2021. Besides, interest income continued to climb.

Transaction volumes declined 12% over the prior quarter. Quarterly net losses mounted to $557 million, while over the last same period the crypto exchange generated $840 million profit.

"To state the obvious, 2022 was a challenging year for crypto market and our transaction revenues," Coinbase wrote in its shareholder letter.

Last month, Fazzaco reported that Coinbase was closing the bulk of its operations in Japan ​as part of a move to adjust international investment amid a slump in the digital-asset sector.