Coinbase Shares Slip After-Market Even as Revenue Beats Estimates
Coinbase fell 4.2% in after-hours trading even as the company reported first quarter revenue that beat analysts' estimates.
Net revenue rose to 1.59 billion in the three months ended March 31, from 736.4 million a year earlier, the company said in its shareholder letter. That's higher than the $1.34 billion predicted by analysts surveyed by Ibes, according to Reuters.
Net revenue rose to 1.59 billion in the three months ended March 31, from 736.4 million a year earlier, the company said in its shareholder letter. That's higher than the $1.34 billion predicted by analysts surveyed by Ibes, according to Reuters.
The company reported earnings of $4.40 a share, swinging from a loss of 34 cents a year earlier. That may not be comparable to the $1.07 earnings expected by analysts, according to Benzinga. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) reached $1.01 billion, up from $287 million a year earlier. Analysts on average expected adjusted EBITDA of $618.1 million, Reuters reported, citing Ibes estimates.
The company expects subscription and services revenue to be between $525 million to $600 million in the second quarter.
"Our market share in the US spot and derivatives increased, we reached all-time highs on Coinbase Prime and USDC market capitalization increased," the company said in its shareholder letter.
"Our market share in the US spot and derivatives increased, we reached all-time highs on Coinbase Prime and USDC market capitalization increased," the company said in its shareholder letter.
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Former editor at Bloomberg, ex-commentary editor at Lazard. Posts aren’t investment advice. Views are just mine.
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