:Coinbase Global Inc reported a fourth-quarter loss on Tuesday, as trading volume at the cryptocurrency exchange came under pressure from an industry-wide downturn triggered by a string of high-profile bankruptcies.
"In the wake of FTX and other crypto company failures, we have seen increased regulatory scrutiny," Chief Executive Brian Armstrong said on a call with analysts but added the development will ultimately benefit Coinbase. Retail traders also pulled back significantly, with their trading volume in the quarter plummeting nearly 89 per cent to $20 billion.
"I think it is a pretty good report with encouraging outlook. We will see how the stock settles," Oppenheimer analyst Owen Lau told Reuters, adding the guidance was supported by expense control and improving revenue trend.
Source: News Formal (newsformal.com)
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