On Thursday, Coinbase’s fourth-quarter financial report outperformed market expectations. For the fourth quarter, the company posted $2.5 billion in net revenue. The shares of Coinbase initially jumped as the company published its Q4 2021 profits, but investors immediately sold off the profits, which drove the stock price back down by 9%.
According to FactSet, Coinbase’s revenue for the period is expected to be about $1.9 billion. Notably, transaction revenue more than doubled from the third to the fourth quarters, accounting for 91% of total Q4 revenue ($2.276 billion).
Coinbase also said that the growth of Web3, NFTs, and DeFi will be beneficial to the company in the future. Coinbase used last year’s rapid increase in NFT sales as a point of comparison.
The company also said it wants to add 6,000 employees in 2022, with a strong focus on customer service and dependability, something Coinbase has been criticised for in the past.