US cryptocurrency exchange Coinbase suffered a net loss of $557 million or $2.46 per share for the fourth quarter of 2022, better than market expectations of $2.52.
Meanwhile, the company's net income rose to $604.9 million. Notably, the indicator posted 5% growth over July-September thanks to a 34% increase in combined revenues in the subscriptions and services category.
In the latter, around 22% of revenues came from the exchange's staking service ($62.4 million). The company generated $275.5 million in revenue this past year.
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Trading commission volume for the fourth quarter showed a 12% decrease, from $365.9 million to $322.1 million.
The platform's vice president of investor relations, Anil Gupta, has said that the deterioration was due to retention of retail investors and lower volatility.