Increasing regulatory uncertainty in the US was also reflected in Coinbase’s quarterly reports.
America’s largest cryptocurrency exchange Coinbase has announced its last quarter reports. The company has recorded a loss in the last 3 months. The announcement of earnings reports caused stocks to fluctuate.
Coinbase Announces Earnings Reports
Coinbase seems to have been affected by the intense agenda in America. The company is going through uncertain days with the restriction of staking services in the past, and Paxos receiving a warning from the SEC regarding BUSD.
The loss reported by Coinbase came in below analysts’ expectations. The company’s fourth-quarter revenue was $629.1 million, above average analyst estimates of $581 million. The company had a revenue of $2.5 billion in the period a year ago. Net loss for the quarter was $557 million, missing trading volume estimates. The company expects first-quarter membership and services revenue to be between $300 million and $325 million.
Coinbase used the following statements in an investor letter:
“We expect 2023 to be a regulation-driven year and we believe our strong foundation will make us a clear beneficiary of this new environment.”
In the USA, the fact that regulations are almost imminent, but the regulations are not clear, puts companies in a difficult situation.
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