Coinbase Reports Impressive Q1 Revenue of $1.6 Billion, Up 72% Quarter-on-Quarter
Coinbase has reported a remarkable revenue of $1.6 billion in the first quarter of the year, representing a substantial 72% increase compared to the previous quarter.
The largest cryptocurrency exchange in the United States also disclosed a net income of $1.18 billion ($4.40 per share).
The impressive performance was driven by a surge in transactions resulting from the overall uptrend in the cryptocurrency market and a favorable change in accounting rules related to cryptocurrencies .
Consumer transaction revenue experienced a doubling effect, reaching $935.2 million, with volume soaring by over 93% to $56 billion.
Institutional trading witnessed even more significant growth, with revenue surging by 133% to $85.4 million compared to the previous quarter, while volume more than doubled to $256 billion.
Bitcoin played a prominent role in both consumer and institutional transactions, accounting for one-third of the activity.
These figures, which surpassed analysts’ predictions of $1.34 billion in revenue and net income of $1.09 per share, greatly exceeded expectations.
Coinbase crushed it in Q1 2024
– Revenue: $1.6B (+72% vs Q4)
– Opex: $0.9B (+5% vs Q4)
– Net Income: $1.2B (+331% vs Q4)
– Adj. EBITDA: $1.0B (+213% vs Q4)
– Cash: $7.1B (+24% vs Q4)
– 2x USDC on platform vs Q4
– 8x Base developers vs Q4 pic.twitter.com/nEO96t687p
— Ryan Rasmussen (@RasterlyRock) May 2, 2024
Following the announcement, Coinbase’s shares experienced a slight decline in after-hours trading, having initially risen nearly 9% to approximately $229 earlier in the day.
It is worth noting that a year ago, the shares traded at a mere $51.
It is worth noting that during the first quarter of the previous year , Coinbase reported losses
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