Coinbase Posts Smaller Loss On Cost Cuts
Coinbase Global Inc (COIN.O) reported a smaller-than-expected loss in the first quarter, thanks to expense reduction and revenue diversification, sending its shares up 7% in extended trade on Thursday.
The company has benefited from its arrangement with One River Digital Asset Management, which has allowed it to expand its product offerings in subscription and services income, while also launching wallet-as-a-service and other blockchain-related goods.
Coinbase lost 34 cents a share, while analysts expected a loss of $1.35, as investors returned to the speculative asset class to protect against rising market risks following a bruising selloff last year.
(With inputs from Shikha Singh)
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