After the bell on Thursday, the company reported fourth-quarter earnings that beat analyst estimates. After the report, shares moved around. They were down about 5% before the call.
The key numbers are here.
Retail Monthly Transaction Users and total trading volume would be lower in Q1 2022, according to the company. The change was attributed to decreased asset volatility and a decrease in market cap. The declining market cap is caused by macroeconomic factors like the U.S. Federal Reserve signaling a tightening of financial conditions.
In the first quarter, the company expects subscriptions and services revenue to be lower.
In the fourth quarter, the number of metric ton units grew from 7.4 million to 11.4 million. Between Q2 and Q3 there was a decline in the number of metric tons of gold.
Net income doubled in the fourth quarter to $840 million. In the fourth quarter of 2020, it reported a net income of $177 million.
Major cryptocurrencies saw a weak month in December despite an overall explosion in value. Concerns about energy consumption and the rise of the omicron Covid variant were blamed for the slow end to the year by investors.
In the previous quarter, the company warned shareholders that their stock should be considered a long-term investment.
In recent weeks, that has been demonstrated by the fall of major cryptocurrencies, like bitcoin, due to the fears of Russian troops in Ukraine. That has led some analysts to question the idea that bitcoin could be used as a safe-haven currency.
In its letter to shareholders, the company warned that there will be a fair amount of uncertainty for its business.
The company wrote that it was more difficult to forecast because of the unknowns that would come with the new year. It sees increased opportunities and the adoption of cryptocurrencies.
There is a developing story. You can check back for updates.
You can subscribe to CNBC on the internet.
Russia moves troops into Ukraine.
All Rights Reserved © 2024
