6 months ago
32 ARTICLE AD
The results came above analysts' expectations of $1.32 billion, according to CNBC.
Crypto exchange Coinbase reported $1.64 billion in revenue for the first quarter, surpassing the initial expectations of $1.32 billion, as reported by CNBC.
The earnings per share stood at $4.40, which may not align directly with the average analyst estimate of $1.09 due to different accounting standards. Coinbase’s net income reached $1.18 billion, or $4.40 per share, marking a stark contrast to the previous year’s loss of $78.9 million, or a loss of 34 cents per share. This profit includes a $650 million mark-to-market gain on crypto assets, reflecting the company’s adoption of updated accounting standards.
Consumer transaction revenue hit $935 million, more than doubling from the previous year, while total transaction revenue nearly tripled to $1.07 billion. Subscription and services revenue also contributed with $511 million for the quarter. Despite trading 4% lower in extended trading, Coinbase shares have seen a 30% increase this year, following an almost fivefold surge in 2023.
The first quarter also witnessed Bitcoin reaching a new all-time high of over $73,000 in March, and Ethereum undergoing a significant upgrade. The influx of institutional investors, particularly with the SEC’s approval of US spot bitcoin ETFs, has also played a role in Coinbase’s performance.
By the end of the quarter, these funds had attracted over $50 billion, with many partnering with Coinbase for custody services. However, the company faces challenges, including a legal battle with the US Securities and Exchange Commission and increased competition from Crypto.com.
Additionally, analysts from Raymond James pointed out that four C-suite members of Coinbase sold over $383 million in shares, the most since the company’s Nasdaq listing in 2021.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
