Will Coinbase’s Revenue Be Cut In Half?
Coinbase CEO Brian Armstrong said the crypto exchange’s revenue this year will likely be cut in half or more from 2021’s sales number, blaming the state of the industry and shaken investor confidence in the wake of the recent collapse of rival FTX in an interview with Bloomberg News. Armstrong noted that Coinbase recorded $7 billion in revenue in 2021, but speaking to Bloomberg’s David Rubenstein Show, he said, it’s looking, you know, about roughly half that or less.
The loss is in line with analysts’ expectations. The news caused Coinbase shares, which have already fallen more than 80% this year, to decline by 1%. Analysts were already expecting the lower top-line number from the exchange. Analysts anticipated Coinbase to report annual revenue of $3.3 billion before they released their most recent earnings report.
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