Coinbase net revenue jumps to $2.2 billion
The high popularity of the crypto market boosts revenue of the companies involved in this sphere. Not so long ago, Coinbase, the largest cryptocurrency exchange in the US, reported record high revenue for this year. Thus, from January to September of 2021, the company’s annual net income soared by almost 55 times to $2.242 billion from $41 million.
The company’s official report reads that the overall revenue jumped by 7.7 times to $5.341 billion in just nine months. For example, in the third quarter, net income totaled $402.343 million compared to $17.437 million a year earlier. Meanwhile, the overall income advanced to $1.312 billion from $315.357 million in the previous year. Notably, economists had expected even a higher reading of $1.57 billion.
In the mid of April, Coinbase posted its shares on the Nasdaq stock exchange via a direct listing. At that moment, the company’s shares cost $250. On the first trading day, the share price hit the high of $429.5, but closed at $328. It took a lot of time to jump above $350. On May 17, shares of Coinbase dropped below the IPO price and still continue losing value.