Crypto exchange Coinbase reported net revenue of $605 million in Q4 2022, according to its latest earnings report published after the bell on Tuesday.
Since its release, COIN shares briefly jumped 3% to $64 before falling back to $62 in after-hours trading.
Coinbase Survives the Bear
The exchange’s latest numbers present a 5% boost compared to the previous quarter’s $576 million figure, and a touch above analysts’ estimates of $588 million.
According to the company’s filing, over half of that revenue ($322 million) was generated from transactions, while the rest came from subscriptions and services ($283 million). The former rose 12% from the prior quarter, while the latter rose by 38%.
Nevertheless, on an annualized basis, net revenue fell from $7.4 billion in 2021 to $3.1 billion in 2022 – a reflection of slowing activity across the entire industry.
“Idiosyncratic events throughout 2022 exacerbated already weak macro conditions,” the company wrote. “However, C
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