Shares of Coinbase $COIN rose after-hours on Thursday as the crypto exchange’s Q1 revenue increased 23% quarter-over-quarter to $773 million. By NelWang
Crypto exchange Coinbase reported Q1 revenue of $773 million, exceeding analyst estimates of $655 million, according to FactSet, and up from Q4 revenue of $605 million.
Trading volume came in at $145 billion versus analyst estimates of $147.7 million for the quarter. Trading volume was roughly $146 billion in the fourth quarter. Shares of Coinbase were up about 4% to $41.50 in after-hours trading Thursday. Shares are up about 40% this year with bitcoin’s rise of roughly 74% year to date.
“This is the fourth crypto cycle that Coinbase has been through and we've emerged stronger after each one,” said Coinbase CEO Brian Armstrong in a statement sent to CoinDesk. “We've shifted the business to operate more efficiently in this down market driving positive adjusted
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