day after Bell, Coinbase mentioned Its financial results for the first quarter of 2023 easily exceeded expectations. In the first three months of the year, the US-based cryptocurrency exchange had net revenue of $736 million, net loss of $79 million, and adjusted EBITDA of $284 million.
analysts were is expected Much less than the $655 million in revenue and loss greater than the company’s first quarter. In after-hours trading, Coinbase shares are up just over 7%.
The Coinbase results are certainly a welcome data set for both crypto bulls and investors in the company alike.
Let’s explore how Coinbase beat analyst estimates, and what to expect for the next quarter. Can the company maintain its return to adjusted earnings? And what do you say regarding cryptocurrency trading activity in the second quarter?
Coinbase’s results explained for the first quarter of 2023
If we compare Coinbase’s Q1 2023 results to their totals a year ago, an odd set of numbers is presented. Yes, Coinbase’s revenue in the first quarter of 2022 was much greater ($1.17 billion) than it had in its most recent quarter. By contrast, in the year-ago period, the company’s net loss was much greater ($430 million) and adjusted EBITDA much lower ($20 million).