The crypto exchange reported results after the close on Thursday.
Crypto exchange Coinbase (COIN) reported Q1 revenue of $773 million, exceeding analyst estimates of $655 million, according to FactSet, and up from Q4 revenue of $629 million. The company reported an adjusted loss of $0.34 per share, compared to an analyst estimate for a loss of $1.45 per share and a narrowing from Q4’s loss of $2.45 per share.
Trading volume came in at $145 billion versus analyst estimates of $147.7 million for the quarter. Trading volume was roughly $146 billion in the fourth quarter.
Shares of Coinbase were up about 8% to $53.00 in after-hours trading Thursday. Shares are up about 40% this year with bitcoin’s rise of roughly 74% year to date.
“This is the fourth crypto cycle that Coinbase has been through and we’ve emerged stronger after each one,” said Coinbase CEO Brian Armstrong in a statement sent to CoinDesk. “We’ve shifted the business to operate more efficiently in this down market driving positive adjusted Ebitda in Q1.”
Investors have been particularly interested in Coinbase’s recent unveiling of its derivatives exchange in Bermuda, which is part of the company’s expansion outside the U.S., because it could have a positive impact on revenue coming from fees. The initiative comes as regulators crack down on crypto companies in the U.S.
“America is in a position to lead in crypto and help update the global financial system,” Coinbase said in a letter to shareholders. “We need crypto-specific rules, rather than regulation by enforcement, to help this innovative technology flourish and for America to maintain its leadership position.”
Coinbase is scheduled to have a call with analysts at 5:30 p.m. ET on Thursday.
This is a developing story and will be updated.
UPDATE (May 4, 2023, 20:31 UTC): Adds Coinbase quotes.
Disclaimer: CryptoNewsBook is an online aggregator that fetches latest crypto news from different sources. This article is provided for general information purposes ONLY and contains data fetched from third party sources; hence, we do not endorse its accuracy. For more details, kindly visit The Source. Please report any fake news or false statement to Our Support Team. If you are the original owner of this content and wish it to be removed on this platform, kindly forward your request to Our Support Team.
Also Note: Cryptocurrencies are unregulated, and no part of this article should be understood nor interpreted as a recommendation/advice. #s5