Coinbase Posts Bullish Q1 Earnings Report
Coinbase, America’s largest cryptocurrency exchange, saw its stock rise more than 13% on Friday as its Q1 profit reports showed hints of improvement from 2022.
In the first three months of the year, the company generated $736 million in sales, a 22% increase over the previous quarter, while cutting operating expenses by 24%.
This was consistent with Coinbase CEO Brian Armstrong’s intention to reduce the exchange’s headcount by 950 personnel in early January.
The value of assets on Coinbase’s platform increased by 62% to $130 billion this quarter, aided by Bitcoin’s 72% increase from the beginning to the end of Q1.
(With inputs from Shikha Singh)
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