Coinbase’s First-Quarter Profit, Revenue Top Forecasts
- Consumer transaction revenue almost doubled from last quarter
- Urges ‘caution in extrapolating’ results so far this quarter
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Coinbase Global Inc. posted higher-than-forecast first-quarter revenue and profit as a resurgence in cryptocurrency prices reawakened demand from individual investors.
Revenue more than doubled to $1.58 billion, topping the $1.32 billion average estimate of analysts surveyed by Bloomberg. Net income was $1.17 billion, or $4.40 a share, compared with a loss of $79 million, or 34 cents, a year earlier, the largest US crypto exchange said in a shareholder letter Thursday. Net income benefitted from $737 million in pre-tax crypto asset mark-to-market gains.