Coinbase meets analysts’ expectations in first-quarter earnings

Crypto platform Coinbase late Thursday reported first-quarter earnings of $3.05 per share, or $771.51 million, on revenue of $1.8 billion from $585 million in the previous period. The results were mostly in line with investor expectations and matched the company’s preliminary report that was released ahead of its April 14 listing on the Nasdaq. Investors were expecting Coinbase to report EPS of about $3.07 on revenue of $1.814 billion, according to a consensus of analysts estimates polled by FactSet, as of May 12. The company said that monthly transacting users, or MTUS, more than doubled to 6.1 million from 2.8 million in its previous three-month period. Coinbase also boasts 56 million verified users. The company says it expects user growth between 5.5 million and 9 million. The report comes amid a downturn for bitcoin and the broader crypto complex. Shares of Coinbase initially slumped 4% in afterhours trade, but later recovered to flat, after closing down 6.5% in regular trading Thursday. Investors will be eager to here more about the company’s stance in addressing growing competition in the crypto trading space against the likes of Robinhood Markets and Gemini.

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