NEW YORK: Coinbase Global Inc, the biggest US cryptocurrency exchange, posted a $557 million loss and saw revenue tumble 75% in the fourth quarter as trading volumes plunged amid a series of prominent industry bankruptcies and scandals.
While the $629 million in revenue for the three-months ended in December was higher than the average analyst estimate of $581 million, it was about a quarter of the $2.5 billion registered in the year-earlier period. The loss, which was equal to $2.46 a share, was compared with net income of $840 million, or $3.32, in the 2022 quarter, the company said in a statement Tuesday. Trading volume missed estimates. The company expects first-quarter subscription and services revenue between $300 million and $325 million.
