Coinbase Reports Net Loss on First Quarter of 2022
Posted on 05/10/2022
Coinbase Global, Inc., branded Coinbase, is an American company that operates a cryptocurrency exchange platform. Coinbase revenue dropped 27% from a year ago (from US$ 1.6 billion to US$ 1.17 billion at the first quarter of 2022). Coinbase also reported a net loss of US$ 430 million in the first quarter of 2022.
“We believe these market conditions are not permanent and we remain focused on the long term. In fact, our investment in our business now is especially critical — these periods of low volatility can provide the opportunity to focus more intently on product development (as opposed to peak periods, when we are more focused on meeting high demand),” the company said in its shareholder letter.