Yahoo Finance Live anchor Seana Smith reports on recent earnings testimonials from the Coinbase CEO amid the crypto fallout.
Analysts previously estimated Coinbase’s annual revenue in 2022 to drop to roughly $3.3 billion this year.
Coinbase Global Inc's revenue is set to reduce by half this year, the cryptocurrency exchange tweeted on Wednesday, as digital assets reel from a sector-wide rout worsened by a string of high-profile collapses that shattered investor confidence. Cryptocurrencies wiped away nearly $2 trillion from the sector as higher interest rates and exacerbating worries of an economic downturn cratered prices that eliminated key players such as Voyager Digital, Three Arrows Capital and Celsius Network. Analysts expect Coinbase's revenue to plunge 75% to $621.5 million in the fourth quarter, according to data from Refinitiv.