Fortune has been creating and publishing lists of the top revenue generating companies since 1955. And the Walmart U.S. retailer has consistently been at the top spot for the past ten years.
As in the past, Fortune ranked companies for its 2022 list based on performance over 2021 revenues.
During this painful period of the crypto market, Fortune struck a happy note for Coinbase, as an exchange operator crypto company became the first crypto company to make the cut in the Fortune 500 – one of America’s largest corporations by revenue ranking at 437. annual list.
Despite Coinbase’s current struggles, which have resulted from bearish market conditions. Fortune Media announced that the 2022 revenue limit for the Fortune 500 listing was 6.4 billion, up 19% from last year’s range, and Coinbase’s $7.8 billion revenue limit last year.
Coinbase reported net revenues of $1.16 billion and a net loss of $430 million for the first quarter of this year, which is not quite as good as the $2.49 billion in last year’s fourth quarter. Due to the fall in the crypto market in the last six months, the trading volume on the exchanges has also gone down.
Coinbase President and Chief Operating Officer Emily Choi has said that the company will slow down its recruitment in response to these explosive market conditions. According to Barron’s report, Mizuho Securities has lowered its forecast for Coinbase’s 2022 revenue from $6.7 billion affected by “crypto winter” to $5.6 billion.
With the crypto winter in effect, Coinbase shares are trading at an all-time low of $66, and they have dropped as low as $40 this month, which is an 88% drop from their debut at $328.
Choi also added:
“Early this year, we plan to triple the size of the company. Given current market conditions, we anticipate slowing hiring and aligning our headcount needs against our top-priority business goals. It is prudent to reevaluate.”
She continues her words by further reassuring that Coinbase is “in a strong position” and has a “solid balance sheet.” Coinbase has always proven its strength after coming back for every drop. After experiencing a downtrend, it has come up even more strongly. Thus, it will be interesting to know whether it makes the cut in Fortune’s 2023 list.