Coinbase Has Confirmed That Their Revenue Has Fallen by Half

Coinbase Has Confirmed That Their Revenue Has Fallen by Half

The cryptocurrency industry is going through a rough patch as a result of the collapse of FTX. That would be Mr. Brian Armstrong. During a conversation with David Rubenstein, coinbase expressed their anticipation that their revenue for FY2022 will be lower than that of FY2021.

When questioned about the revenue of his firm during the interview, Armstrong responded as follows: “Last year, in 2021, we did around $7 billion of sales and about $4 billion of positive EBITDA, and this year, with everything falling down, it’s looking, you know, probably approximately half that or less,”

Coinbase has previously warned that the firm may be looking at a loss of $500 million in the year 2022. Although the business had not previously issued an expectation for overall sales for the whole year, Armstrong’s estimate was in line with the predictions of around $3.2 billion that were supplied by analysts.

The value of Coinbase’s shares dropped by more than 80 percent in 2022, and the company’s revenue during the third quarter was just one quarter of what it had been during the last three months of 2021.

Compiled by Coinbold