Coinbase CEO warns of a turbulent third quarter

Recently, US crypto exchange maakte Coinbase their latest quarterly figures. Unfortunately, these numbers were somewhat disappointing and Coinbase’s revenue dropped significantly in the second quarter. According to Coinbase CEO Brian Armstrong, the third quarter is likely to hold another bad news for the crypto exchange.

Coinbase Quarterly Results

Coinbase lost $1.1 billion in the second quarter of 2022. that reports Bloomberg. Of course, that also means that Coinbase (COIN) share fell. Since the beginning of this year, this share is about 65% in the minus. This has of course everything to do with the current state of the crypto market.

Coinbase revenue fell to just $808 million in the second quarter. That is a decrease of at least 60% compared to the previous quarter. In addition, turnover was much lower than analysts had forecast.

“The current downturn came quickly and violently,” Coinbase said in a message to shareholders

Brian Armstrong is trying to calm things down. According to him, a period as we see today is actually the most normal thing in the world. Each quarter, things could be completely reversed, Armstrong said. In the long term, the fundamentals However, according to Armstrong, Coinbase looks very good.

“Every quarter can go up or down or even every year. But if you evaluate the company across the price cycles, it tells a much different story.”

More pain coming?

According to Armstrong, it is a very realistic scenario that the trading volume, and therefore Coinbase revenue, will fall further in the third quarter. Coinbase expects more traders to stay on the sidelines during the bear market. However, Armstrong also states that this is not the first time Coinbase has experienced such market sentiment.

“It seems scary, but it’s never as bad as it seems. It’s never as good as it seems. Coinbase has succeeded over the past 10 years by continuing to focus on great product execution during down markets and manage spending well.”

Read Also:  Cricket world witnesses rare feat after 25 years; Pakistan's Wasim Akram has a special connection

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here