The monitor will display the Coinbase sign during the company’s initial public offering (IPO) on Wednesday, April 14, 2021 at the Nasdaq Market Site in New York, USA.
Michael Neagle | Bloomberg | Getty Images
Coinbase report First quarter revenue After the bell on Tuesday, I missed an analyst’s quote. Equities fell 19% in extended trading before rebounding.In stock It decreased by about 8% after business hours.
The key numbers are:
- Loss per share (EPS): $ 1.98
- Revenue: According to Refinitiv, $ 1.17 billion, compared to the expected $ 1.48 billion
Prior to the report, stocks have lost more than 60% of their value since late March, as the broader slides of tech stocks and the value of cryptocurrencies have hit Coinbase particularly hard. Bitcoin drop Below the iconic price threshold of $ 30,000 on Monday.
Overall, usage has declined since the fourth quarter. Retail Monthly Transaction Users (MTUs) decreased from 11.4 million in the fourth quarter to 9.2 million, and total transaction volume decreased from $ 547 billion in the fourth quarter to $ 309 billion.
The company’s revenues were down 27% from a year ago and reported a net loss of $ 430 million in the first quarter.
But Coinbase doesn’t seem to be worried about its long-term outlook.The company doubled the following discussion Made beforeReminds shareholders that the stock should be considered a long-term investment due to the volatile nature of cryptocurrency price volatility.
“We believe these market conditions are not permanent, but continue to focus on long-term ones,” the company said in a letter to shareholders following the announcement of its financial results. He also states that he is focusing on next-generation cryptocurrency opportunities that go beyond trading.
“As we continue to invest and strengthen our core investment platforms, we are entering an era of cryptographic applications led by NFD and decentralized finance, and we are increasingly focusing on these market opportunities.”
Increased spending also helped lower the company’s bottom line.
General and administrative expenses were $ 414 million, an increase of 39% over the previous quarter. Coinbase believes it is due to increased costs associated with full-time and contractor-related personnel. According to the company, the purpose of the spending was “to invest to enhance and expand customer support, legal, compliance, and business support capabilities.”
Overall operating expenses were $ 1.72 billion, the first time the company has exceeded revenue since it publicly launched its financial reporting.
Coinbase (COIN) Revenues Q1 2022
Source link Coinbase (COIN) Revenues Q1 2022