Coinbase reports 23% growth in 2023 Q1 financial results
Coinbase recently released its much-awaited financial report for the 2023 Q1. The exchange has noted a massive 23% growth in its revenue, reaching 773 million dollars.
The amount was a welcome surprise since expert analysts had expected its revenue to revolve around 655 million dollars. Despite its revenue growing from Q4 (629 million dollars), Coinbase noted an adjusted loss of 0.34 dollars per share.
However, even the loss proved the analysts wrong, who expected a loss of 1.45 dollars per share. The loss has narrowed massively from the 2.45 dollar loss per share in 2022 Q4.
Our Q1'23 financial results are in and our letter to shareholders can be found on the Investor Relations website at 🔗 https://t.co/8ovHEtPRgf pic.twitter.com/4iWAPGZNMh
— Coinbase 🛡️ (@coinbase) May 4, 2023
According to the latest reports, Coinbase’s trading volume is estimated at 145 billion dollars
compared to estimates of 147.7 billion dollars. This metric was placed at 146 billion dollars in Q4.
After the news was out, Coinbase noted a quick 8% rise in its share prices. The exchange’s shares are already 40% higher in 2023, reaching a market value of 53 dollars. As expected, the development intrigued many crypto enthusiasts.
Many traders and new users even looked for reviews on Coinbase and its upcoming plans to gauge the exchange’s future. Brian Armstrong, the CEO of Coinbase, also talked about the recent report.
According to Brian, it’s the fourth crypto cycle for Coinbase, and the exchange has emerged strongly after each one. The company is shifting its business to function more efficiently, which has resulted in a positive EBITDA in Q1.
Coinbase’s latest tweets also claim that the platform has reduced its costs while doubling down on risk management and operational efficiency. At the same time, it is focusing on regulatory clarity and product innovation to maintain market consistency.
The report has undoubtedly improved Coinbase’s market standing and is expected to yield even better results in 2023 Q2.