Coinbase maintains strong position after revealing Q4 results
Coinbase recently released its Q4 2022 earnings to market players and shareholders. The exchange has experienced an upward tick in its share prices after the release.
During the quarter, Coinbase reported over 605 million dollars in total revenue. The number was strikingly down compared to the 2.5 billion dollars in 2021. Its top line did not cover expenses, losing 557 million dollars in three months.
However, the exchange managed to beat every revenue expectation. Coinbase noted a surge in its subscription and services revenue. The metric rose to 282 million dollars (Q4) from 210 million dollars (Q3.) The 34% increase in a quarter proved Coinbase’s resilience and long-term fundamentals in the market.
Seeing how names like FTX and Terra have left the market, the second-largest exchange is doing well to sustain. Its ongoing growth in the UK is a valiant testament to this. Among other the best crypto exchanges UK, Coinbase has hired new senior managers in Europe to strengthen its presence.
Three of these managers lead the offices in Germany, Ireland, and the UK. The exchange laid off 3,700 employees in January but is willing to expand its operations in the region. Daniel Seifert, the newly appointed European chief for Coinbase, stated that headcount numbers are not the correct metrics to focus on.
The current headcount of the exchange is capable of operating in the ongoing market cycle, added Seifert. That is why the company is using commercial partners to launch new product lines. Since the platform has denied initiating new hirings, users were keen about its ongoing operations.
Many of them looked for an in-depth Coinbase review that explained how the exchange is handling its services. According to the crypto giant, it is positioning itself into a strong market standing.
Coinbase is committed to collaborating with global policymakers and regulators to steer prudent regulation. This note was shared with shareholders by Coinbase alongside its latest earning report.
While the SEC has been expanding its jurisdiction, several other agencies have been trying to push out crypto from the regulatory circle. Brian Armstrong, the CEO of Coinbase, stated that the company is trying its best to maintain important relationships.
The CEO ensured that these policies would remain a top priority for Coinbase throughout the year.