Coinbase Slips On Q1 Miss, Highlights SEC ‘Win’ And Strategic Bitcoin Reserve Executive Order
Cryptocurrency company Coinbase Global (NASDAQ:COIN) reported first-quarter financial results after market close Thursday.
Here are the highlights.
What Happened: Coinbase reported first-quarter total revenue of $2.03 billion. It missed a Street consensus estimate of $2.12 billion, according to data from Benzinga Pro.
Total revenue was up from $1.64 billion in last year’s first quarter and down 10% from $2.27 billion in the fourth quarter.
Transaction revenue was $1.26 billion in the first quarter, up from $1.08 billion in last year’s first quarter and down 19% quarter-over-quarter.
Subscription and services revenue was $698.1 million, which was in the company’s previous guidance range of $685 million to $765 million. This revenue segment was up 9% quarter-over-quarter.
Adjusted earnings per share of $1.94 missed a Street consensus estimate of $2.11 for the quarter.
“This quarter, we …
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