Brian Armstrong, the chief executive officer of Coinbase Global Inc., predicted that this year’s income for the crypto exchange will be reduced by at least half. This comes after prices started to drop and investors’ faith was shaken by the demise of a competitor, FTX.
Read CRYPTONEWSLAND on“Last year in 2021 we did about $7 billion of revenue and about $4 billion of positive EBITDA. This year with everything coming down it’s looking, you know, about roughly half that or less,” Armstrong said in an interview on Bloomberg’s “David Rubenstein Show: Peer-to-Peer Conversations.” According to FactSet, Coinbase will really have made $7.8 billion in sales in 2022.
Participants in the market barely find the predicted reduction newsworthy. Before Coinbase released its third-quarter earnings, FactSet questioned analysts to anticipate its annual revenue for 2022, which was pegged at $3.3 billion. The current estimate is $3.2 billion, which would represent a 59% decrease from 2021.
One of the worst-performing firms on the Nasdaq this year is Coinbase, whose price is down more than 83%. Investors are pulling their money out of firms with a focus on crypto, especially in light of the recent collapse of FTX.
Armstrong recently tweeted that he doesn’t trust Sam Bankman`s assertion that FTX’s problems were only the product of accounting mistakes. This is contrary to the recent statements made by numerous prominent investors, like Bill Ackman and Kevin O’Leary. Simply put, Armstrong stated, “It’s stolen client money utilized in his hedge firm.”
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