Thursday, October 6, 2022
HomeAltcoinsCoinbase reports a sharp growth in Q4 revenue

Coinbase reports a sharp growth in Q4 revenue

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.

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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