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Coinbase CEO Armstrong Confirms Street Expectations for a 50%-Plus Decline in Revenue in 2022

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Coinbase Global Inc. (COIN) CEO Brian Armstong said the company’s revenue will be half or less what it was last year as the crypto exchange struggles amid stark price drops in cryptocurrency prices and continuing ripple effects from multiple bankruptcies this year, including the recent collapse of rival exchange FTX.

“Last year in 2021, we did about $7 billion of revenue and about $4 billion of positive EBITDA, and 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.” Coinbase actually generated $7.8 billion in revenue in 2022, according to FactSet.

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