Coinbase Reports Record Losses in 2022
Coinbase has recently published its economic and financial report for the final quarter of 2022, along with the annual data for the year.
According to the official Shareholder Letter, Coinbase suffered a record loss of over $2.6 billion for the year, with all four quarters resulting in a loss.
The second quarter was particularly disastrous, with the Terra/Luna ecosystem imploding in April, May, and June, followed by Celsius failing and losing nearly $1.1 billion in just three months.
Even the EBITDA, which represents the gross operating margin, turned out to be negative, indicating a significant reduction in revenue.
In comparison to the speculative bubble of the fourth quarter of 2021, where Coinbase’s revenue was almost $2.5 billion, the company’s revenue for the entire year of 2022 was only $3.1 billion, less than half of the previous year’s revenue.
As a result, Coinbase’s stock on the market has lost 76% of its value since the end of 2021.
Despite these bleak figures, it is expected that the first quarter of 2023 will show some improvement.
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