Cake had revenue of $631 Million in 202111 Dec 2024 07:49
Cryptonews.com figures for CAKE
Cake had revenue of $631 Million in 2021
Background: Cake Group saw massive growth in 2021 like many decentralized finance (DeFi) platforms. The company released an unaudited financial statement at the time that showed revenue reaching $631 million, year-on-year increase of 1,800%.
Additionally, the Group’s operating income hit $203 million for the year. However, following the massive crash in crypto prices in May 2022, and the prolonged crypto winter, the growth gradually slumped.
Cake Group co-founder Julian Hosp said that the firm’s revenue fell to US$266 million in 2022, and profits dropped to US$23.5 million from US$134 million in 2021.