Coinbase beats on revenue and earnings

Coinbase beats on revenue and earnings- Check out in detail

Coinbase reported fourth-quarter earnings after the bell on Tuesday.

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The crypto exchange reported $629 million in revenue, vs. $590 million as expected by Refinitiv analysts.

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The company said it had 8.3 million monthly transacting users (MTUs) during the fourth quarter, down from 8.5 million the prior period.

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Revenue plunged nearly 75% from a year earlier as the so-called crypto winter continued to drag on the price of cryptocurrencies.

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Coinbase’s user base continues to shrink. The company said it had 8.3 million monthly transacting users (MTUs) during the fourth quarter, down from 8.5 million the prior period.

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Coinbase has gone through two major rounds of layoffs since June 2022 in an effort to pare back spending to preserve cash.

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This year bitcoin, the most popular cryptocurrency, has risen more than 48%.

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