NASDAQ$COIN
Coinbase Global Inc · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Coinbase demonstrated resilience amidst crypto market shocks, diversified revenue streams, and implemented cost-cutting measures.
Coinbase's Q4 2022 results showed resilience with a 5% Q/Q increase in net revenues, driven by subscription and services growth, despite a challenging year for crypto markets. The company focused on cost management, reducing expenses, and engaging with policymakers, positioning itself for potential benefits from future regulations. They ended Q4 with $5.5 billion in total $USD resources and $426 million in crypto assets.
- Q4 net revenues increased 5% Q/Q, driven by Subscription and Services.
- Subscription and services revenue grew 34% Q/Q to $283 million.
- The company anticipates a 30%+ reduction in technology and development, sales and marketing, and general and administrative expenses in Q1’23 compared to Q4’22.
- Total corporate exposure to client or counterparty insolvencies was $14 million with no customer funds lost.
Headline financials
Revenue & EPS history
Coinbase · Revenue · Quarterly
$629M
Revenue by segment
Coinbase · $62.4M total across 1 segment · Q4 2022
- Blockchain Rewards$62.4M—100.0%
Forward guidance
Coinbase is focused on cost management, efficiency, and improving full-year Adjusted EBITDA in absolute dollar terms on a year-over-year basis. Crypto remains volatile, and the company is prepared to manage the business through a wide range of transaction revenue scenarios. They are rigorously assessing product-market fit and taking a scrappier approach to investments in new and unproven products.
Tailwinds
- Focus on cost management and efficiency.
- Rigorous assessment of product-market fit.
- Scrappier approach to investments in new products.
- Nimble and adaptive to market conditions.
- Improved crypto markets in Q1 compared to Q4.
Headwinds
- Crypto remains volatile.
- Limited ability to forecast transaction revenues.
- Transaction revenues remain correlated with crypto market capitalization and crypto asset volatility.
- Industry dynamics remain in flux.
- Caution against extrapolating January 2023 transaction revenue results forward.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2022
-2.8%
Avg return
Earnings day
-2.0%
Avg return
5 days after
-1.3%
Avg return
30 days after
32%
8 / 25 earnings
Positive
+20.1%
Q1 2023
Best reaction
-35.7%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.1% | +4.6% | -21.0% | |
| Q4 2025 | +16.5% | +16.3% | +38.6% | |
| Q3 2025 | -2.2% | -2.8% | -17.0% | |
| Q2 2025 | -16.7% | -19.6% | -19.4% | |
| Q1 2025 | -3.6% | +27.6% | +21.7% | |
| Q4 2024 | -8.0% | -13.2% | -38.6% | |
| Q3 2024 | -18.4% | -15.2% | +34.8% | |
| Q2 2024 | -8.9% | -13.5% | -18.3% | |
| Q1 2024 | +6.3% | +2.0% | +7.5% | |
| Q4 2023 | +12.4% | +8.1% | +51.1% | |
| Q3 2023 | +10.3% | +14.5% | +71.9% | |
| Q2 2023 | -3.5% | -2.6% | -13.8% | |
| Q1 2023 | +20.1% | +24.2% | +33.1% | |
| Q4 2022 | -6.2% | -10.4% | +1.7% | |
| Q3 2022 | -3.1% | -16.3% | -21.5% | |
| Q2 2022 | -4.0% | -7.7% | -25.4% | |
| Q1 2022 | -35.7% | -18.7% | -23.6% | |
| Q4 2019 | +6.2% | +8.3% | +4.0% | |
| Q4 2021 | +2.4% | +13.6% | +8.1% | |
| Q3 2020 | -5.9% | -3.4% | -28.4% | |
| Q3 2021 | -7.2% | -3.1% | -25.4% | |
| Q2 2020 | -4.9% | -4.8% | -7.9% | |
| Q2 2021 | -0.7% | -6.9% | -8.6% | |
| Q4 2020 | -6.4% | -15.2% | -15.5% | |
| Q1 2021 | -8.9% | -15.7% | -21.0% | |
| Q1 2020 | — | — | — | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — |
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