Its consumer transaction volume jumped 14 percent.
The share price of the firm skyrocketed following the results.
Coinbase (Nasdaq: COIN) closed the first quarter of 2023 with total revenue of $773 million, which is higher than market expectations of $655 million. Additionally, the figure jumped from the previous quarter's $629 million.
A Strong Quarter for Coinbase
The net revenue of the cryptocurrency exchange for the quarter between January and March came in at $736 million, which was 22 percent higher quarter-over-quarter but dropped 36 percent when compared to Q1 2022.
The New York-listed company reported a net loss of $79 million and adjusted EBITDA of $284 million. Its adjusted loss significantly narrowed to $0.34 per share from $2.45 per share, also beating the analysts' expectation which was a loss of $1.45 per share.
A Drop in Institutional Demand
The recovering demand in the cryptocurrency market is visible from the trading volume of the crypto exchange. Coinbase handled $145 billion in trading volume in the first quarter, which came in flat quarter-over-quarter, while the crypto asset volatility increased by 8 percent. The consumer trading volume on the platform went up 5 percent, while the institutional volume declined 1 percent.
The transaction revenue of the exchange came in at $375 million in the first quarter, which is 16 percent higher quarter-over-quarter. Moreover, the consumer transaction volume jumped 14 percent to $352 million, while the institutional transactional volume at $22 million was 67 percent higher.
"Notwithstanding the backdrop of turbulent markets, we continued to see institutions engaged with this asset class and pushing forward with their long-term plans," Coinbase stated in its shareholders' letter. "The 'flight to quality' theme that began in Q4 continued in Q1, where we saw elevated institutional onboarding and a healthy pipeline of demand. Prime trading volumes grew to their highest level on record and helped offset some of the volume declines driven by the rollback of our LP program discounts."
Meanwhile, the markets have already reacted to the healthy earning of the cryptocurrency exchange. While Coinbase share price gained 1.51 percent by the end of Thursday's market closure, it improved 9.1 percent in after-hours trading as the results were announced. However, the share price of the exchange is still trading much lower than its peak in 2021.
Coinbase (Nasdaq: COIN) closed the first quarter of 2023 with total revenue of $773 million, which is higher than market expectations of $655 million. Additionally, the figure jumped from the previous quarter's $629 million.
A Strong Quarter for Coinbase
The net revenue of the cryptocurrency exchange for the quarter between January and March came in at $736 million, which was 22 percent higher quarter-over-quarter but dropped 36 percent when compared to Q1 2022.
The New York-listed company reported a net loss of $79 million and adjusted EBITDA of $284 million. Its adjusted loss significantly narrowed to $0.34 per share from $2.45 per share, also beating the analysts' expectation which was a loss of $1.45 per share.
A Drop in Institutional Demand
The recovering demand in the cryptocurrency market is visible from the trading volume of the crypto exchange. Coinbase handled $145 billion in trading volume in the first quarter, which came in flat quarter-over-quarter, while the crypto asset volatility increased by 8 percent. The consumer trading volume on the platform went up 5 percent, while the institutional volume declined 1 percent.
The transaction revenue of the exchange came in at $375 million in the first quarter, which is 16 percent higher quarter-over-quarter. Moreover, the consumer transaction volume jumped 14 percent to $352 million, while the institutional transactional volume at $22 million was 67 percent higher.
"Notwithstanding the backdrop of turbulent markets, we continued to see institutions engaged with this asset class and pushing forward with their long-term plans," Coinbase stated in its shareholders' letter. "The 'flight to quality' theme that began in Q4 continued in Q1, where we saw elevated institutional onboarding and a healthy pipeline of demand. Prime trading volumes grew to their highest level on record and helped offset some of the volume declines driven by the rollback of our LP program discounts."
Meanwhile, the markets have already reacted to the healthy earning of the cryptocurrency exchange. While Coinbase share price gained 1.51 percent by the end of Thursday's market closure, it improved 9.1 percent in after-hours trading as the results were announced. However, the share price of the exchange is still trading much lower than its peak in 2021.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Binance Assists Dutch Authorities in Exposing $30M Online Fraud
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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