Coinbase Reports Smaller Q4 Losses and Revenues of $629 Million

Cryptocurrency trading platform Coinbase defies analysts' expectations with lower-than-expected Q4 losses and solid revenues of $629 million. The company reported a net income of $650 million, but a decline in interest in digital assets and regulatory pressure on the crypto market continue to be concerns.

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Smaller-than-expected losses were reported for Q4 by cryptocurrency trading platform Coinbase on Tuesday, with revenues of $629 million.

Analysts’ expectations were for a loss of $585 million against revenue of $588 million, according to analysts surveyed by FactSet.

The company reported net income of $650 million, down from $2.49 billion a year ago.

Cryptocurrency exchange Coinbase presented its fourth-quarter financials after the Wall Street closing bell.

The plunge in cryptocurrency prices and a decline in interest in digital assets among investors wreaked havoc on Coinbase’s stock which has fallen by almost two-thirds in the past year.

Regulatory pressure on the crypto market, which has been caused since the collapse of rival exchange FTX in November amid allegations of fraud, has been another concern.

Federal regulators have been targeting competitors in recent weeks, scrutinizing “wagering” services and stablecoin products.

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