Coinbase released its Q4 and FY2022 earnings on Tuesday, reporting a nearly 75% drop in revenue from a year ago.
The crypto firm reported $604.9M in net revenue for the quarter, down from $2.49B in Q4 FY2021. Total transaction revenue was $322.1M, down from $2.28B reported in the previous year and $366.9M reported in the prior quarter.
Coinbase reported a net loss of $557M for the quarter, or $2.46 a share, from a net income of $840.2M reported in Q4 FY2021.
- The crypto firm reported 8.3 million monthly transacting users (MTUs) during the quarter, down from 8.5 million MTUs reported in the prior period.
- Full-year total transaction revenue was $2.36B, down from $6.84B reported in 2021.
- Coinbase has announced two rounds of layoffs since June 2022.
- Last month the crypto firm cut 20% of its workforce.
- Coinbase ended FY2022 with 4,510 full-time employees from 3,730 reported at the end of 2021.
- Coinbase shares were down more than 6% during morning trading on Wednesday.
- It closed at $61.18, down 1.43% for the day.
