Coinbase reports first-quarter revenue beat after bitcoin rally leads to surge in profit
Publishing timestamp: 2024-05-03 10:05:06
Summary
Coinbase reported better-than-expected revenue in its first-quarter results, with $1.64 billion in revenue compared to $1.34 billion expected. The stock was trading slightly lower in extended trading, but has seen significant gains this year. The company's profit includes a mark-to-market gain on crypto assets and strong transaction revenue. However, Coinbase is facing legal challenges from the SEC and increased competition from Crypto.com. Insider selling has also increased, with co-founder Fred Ehrsam selling $129 million worth of shares.
Sentiment: POSITIVE
Keywords: business news, bitcoin/usd coin metrics, cryptocurrency, energy, fintech, bitcoin, technology, coinbase global inc,
Source: https://www.cnbc.com/2024/05/02/coinbase-coin-earnings-q1-2024.html