Coinbase Q1 Earnings Beat Estimates
- Coinbase's Q1 revenue of $1.64 billion beats $1.34 billion estimate
- GAAP earnings were $4.40 per share, up from previous year's loss
- Q2 subscription and services revenue expected between $525 million to $600 million
Coinbase Global reported first-quarter earnings with a total revenue of $1.64 billion, surpassing the analyst estimate of $1.34 billion. The company's GAAP earnings were $4.40 per share, a significant increase from a year-earlier loss of $79 million. The first-quarter earnings were influenced by rising crypto prices and the adoption of a new accounting standard.
The company's transaction revenue in the first quarter was $1.08 billion. This included consumer transaction revenue totaling $935.2 million and institutional transaction revenue of $85.4 million. The company also reported that institutional trading volume and the number of active accounts reached all-time highs.
Bitcoin represented 33% of Coinbase's quarterly trading volume and 30% of transaction revenue in the quarter. Ethereum accounted for 13% of trading volume and 15% of transaction revenue in the same period.
Looking ahead, Coinbase expects its second-quarter subscription and services revenue to be in a range of $525 million to $600 million. The company also reported that transaction revenue was $300 million for the month of April.