The shares of Coinbase, which published the first quarter results of 2023, increased by 7.9 percent.
Coinbase, the prominent name of crypto money exchanges for a while, came to the fore in the first quarter reports this time. Coinbase’s first quarter data, which exceeded expectations, was also reflected in the company’s stock, COIN. Sharing data above expectations, Coinbase has made many crypto investors happy and made the shareholders smile. After the report was published, COIN gained 7.9 percent in value.
Coinbase’s First Quarter Data Announced
Coinbase’s net loss was $557 million in the last quarter of 2022. In Q1, it fell to $79 million and rose to $736 million, in part due to a 22 percent increase in revenue. According to Coinbase’s May 4 shareholder report, its fees for trading rose 66 percent to over $22.3 million, while transaction revenue from retail investors rose 14.1 percent to $352.1 million.
Overall, revenue from transactions increased 16 percent to $375 million quarter-on-quarter, but trading volumes remained fairly stable. Interest income and blockchain rewards from staking were largely revenue, with $240.8 million and $73.7 million, respectively, from quarter 2022.
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