Cryptocurrency platform company Coinbase Global COIN announced fourth quarter financial results after market close Tuesday. Here are the main highlights.

What happened: Coinbase reported fourth-quarter revenue of $629.1 million, beating a Street estimate of $586.2 million Data from Benzinga Pro.

The company reported net sales of $605 million in the fourth quarter, up 5% sequentially. Transaction revenue for the fourth quarter was $322 million, down 12% sequentially. Subscriptions and Services revenue was $283 million in the fourth quarter, up 34% sequentially.

Coinbase reported a loss of $2.46 per share in the fourth quarter, missing a Street estimate of $2.39 per share.

In the fourth quarter Bitcoin BTC/USD accounted for 35% of Coinbase’s trading volume, compared to 31% in the third quarter. ether ETH/USD represented 33% of trading volume in the fourth quarter, flat from the third quarter.

Coinbase’s annual results: “To state the obvious, 2022 has been a challenging year for the crypto markets and our transaction revenues. As macroeconomic indicators such as inflation remained elevated and interest rates rose throughout the year, crypto market cap declined along with broader equity markets,” the company said.

The company acknowledged the bankruptcy and collapse Capital with three arrows, Traveller, Celsius And FTX had a major impact on the decline in cryptocurrency market cap over the fiscal year.

For the full year, Coinbase reported net sales of $3.15 billion. The company had a trading volume of $830 billion in 2022.

Bitcoin accounted for 29% of trading volume for the full year, compared to 24% a year earlier. Ethereum accounted for 25% of trading volume for the full year, compared to 21% a year earlier.

Subscriptions and services revenue for the full fiscal year was $793 million, beating the company’s estimate of $700 million and well above the $50 million reported in 2020.

coin base…