As FTX collapsed, the crypto industry is experiencing a hard time. Brian Armstrong In a conversation with David Rubenstein said that coinbase expects the FY2022 revenue less than that of the FY2021 revenue.
In the interview, when Armstrong was asked about his company’s revenue, he replied by saying “Last year in 2021, we did about $7 billion of revenue and about $4 billion of positive EBITDA, and this year with everything coming down, it’s looking, you know, about roughly half that or less,”
Coinbase indicated before that the company may face a loss of $500 million in 2022. The company had not previously provided a full-year outlook for total revenue, but Armstrong’s estimate was in line with analysts’ estimates of roughly $3.2 billion.
In 2022, Coinbase’s shares fell more than 80%, and the company’s third-quarter revenue was a quarter of what it was in the last three months of 2021.