US cryptocurrency exchange Coinbase has reported its Q1 2023 financial results, beating expectations with net revenues of $736 million, a $79 million net loss, and adjusted EBITDA of $284 million.
Analysts had anticipated revenue of $655 million and a larger loss for the first quarter. Following the report, shares in Coinbase were up more than 7% in after-hours trading. The positive results will be a welcome set of data for both crypto enthusiasts and investors in the company. However, the comparison between this year’s and last year’s figures is somewhat incongruous, with
Coinbase’s Q1 2022 revenue ($1.17 billion) was far greater than its Q1 2023 revenue, but its net loss was much higher ($430 million) and adjusted EBITDA much smaller ($20 million) in the year-ago period.