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Home Cryptocurrency

Coinbase reports Q1 2023 financial results, beats expectations with $736 million in net revenues.

Rate Captain by Rate Captain
May 8, 2023
in Cryptocurrency
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Coinbase reports Q1 2023 financial results, beats expectations with $736 million in net revenues.
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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

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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.

 

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