The crypto market has been in dire straits over the past week. The bankruptcy of Sam Bankman-Fried and the failure of FTX have sent cryptocurrencies into a nosedive. The massive losses sustained by Coinbase have pushed the crypto sector even deeper into the red zone.
According to the latest earnings report, Coinbase lost $2.068 billion year-to-date, far below the profit of $2.242 billion earned at that point last year. The exchange reported an average loss per share of $9.39 compared to the profit per share of $11.19 a year ago. Net revenues declined to $2.565 billion from a year ago. In the third quarter, Coinbase reported a quarterly loss of $544.635 million compared to a profit of $402.343 million in Q3 2021. The quarterly loss per share stood at $2.43, below the $1.62 profit per share in the same period last year. Net earnings fell 2.2 times to $590.339 million.
However, the number of monthly transacting users (MTUs) increased by 16% to 8.5 million, with the number of verified users being 108 million. The exchange’s trading volume decreased two-fold to $159 million.
