Coinbase Crypto Exchange Posts Smaller Quarterly Loss After Costs Cuts

Cryptocurrency exchange Coinbase Global posted a smaller-than-feared loss in the first quarter, benefiting from cost cuts and diversification of revenue sources, sending its shares up 7 percent in extended trading on Thursday.

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The company has benefited from its deal for One River Digital Asset Management to ramp up product offerings in subscription and services revenue, while it also launched wallet-as-a-service and other products to scale blockchain.

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"We're also seeing the benefits of increased cost efficiencies, and we've taken deep lessons from growing too quickly and believe that we are going to be prudent in our spend going forward," Chief Financial Officer Alesia Haas said.

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Coinbase posted a loss of 34 cents a share, while analysts estimated a loss of $1.35 (roughly Rs. 110) as investors tiptoe back to the speculative asset class to hedge against elevated market risks after a brutal selloff last year.

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But the trend is yet to power gains for the cryptocurrency exchange as trading volumes more than halved to $145 million (roughly Rs. 1,200 crore) while retail trading volumes, which had been instrumental in making Coinbase a household name in 2021, sank 72 percent.

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Earlier this year, the company said it will cut 950 more jobs in its the third round of layoffs since last year.

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Coinbase Crypto Exchange Posts Smaller Quarterly Loss After Costs Cuts

The company has benefited from its deal for One River Digital Asset Management to ramp up product offerings in subscription and services revenue.

Brought to you by Trickyenough

Cryptocurrency exchange Coinbase Global posted a smaller-than-feared loss in the first quarter, benefiting from cost cuts and diversification of revenue sources, sending its shares up 7 percent in extended trading on Thursday.

Brought to you by Trickyenough

The company has benefited from its deal for One River Digital Asset Management to ramp up product offerings in subscription and services revenue, while it also launched wallet-as-a-service and other products to scale blockchain.

Brought to you by Trickyenough

"We're also seeing the benefits of increased cost efficiencies, and we've taken deep lessons from growing too quickly and believe that we are going to be prudent in our spend going forward," Chief Financial Officer Alesia Haas said.

Brought to you by Trickyenough

Coinbase posted a loss of 34 cents a share, while analysts estimated a loss of $1.35 (roughly Rs. 110) as investors tiptoe back to the speculative asset class to hedge against elevated market risks after a brutal selloff last year.

Brought to you by Trickyenough

But the trend is yet to power gains for the cryptocurrency exchange as trading volumes more than halved to $145 million (roughly Rs. 1,200 crore) while retail trading volumes, which had been instrumental in making Coinbase a household name in 2021, sank 72 percent.

Brought to you by Trickyenough

Earlier this year, the company said it will cut 950 more jobs in its the third round of layoffs since last year.

Brought to you by Trickyenough