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Coinbase Q1 Earnings Hit $1.6B Amid Revenue Surge

Coinbase reported robust first-quarter results, with revenue reaching $1.6 billion, marking a 72% increase from the previous quarter.

The company also experienced a significant swing in net income, posting $1.18 billion compared to a $79 million loss in the same period last year, alongside $1.01 billion in EBITDA.

Earnings per share stood at $4.04, surpassing the consensus estimate of $1.15 per share. Coinbase attributed these results to investments in product expansion, operational discipline, and favorable market conditions, noting increased market share in US spot and derivatives trading and all-time highs on Coinbase Prime.

Transaction revenue surged for both consumer and institutional clients, totaling $1.08 billion, with institutional transaction revenue growing by 113% to $85 million.

The consumer-facing business remained Coinbase’s primary revenue stream, generating $935.2 million from consumer transactions, alongside growth in user numbers and subscription service revenues.

Coinbase expects Q2 subscription and services revenue to range between $525 million and $600 million.

Despite a 9% surge in regular trading, Coinbase’s shares dipped 3% in after-hours trading to $222, according to Yahoo Finance. Nonetheless, Coinbase shares have seen a nearly 50% increase over the past year.

Image Credit: Shutterstock

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Coinbase Q1 Earnings Hit $1.6B Amid Revenue Surge

was first posted on May 2, 2024 at 10:26 pm.
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