Coinbase Reports Net Loss of $545 Million in Q3 2022
On Thursday, the cryptocurrency exchange Coinbase revealed its third-quarter revenue fell short of analysts’ expectations and had a larger-than-expected loss. As traders & retail investors abandoned the crypto market due to the ongoing bearish trend, revenue fell more than 50% from a year earlier. Financially, the company suffered a loss of $545 million but initially, it had made a profit of almost $400 million the year before. Coinbase in its investor letter said: “Transaction revenue was significantly impacted by stronger macroeconomic and...