- During the first quarter of 2024, Coinbase brought in $1.6 billion in revenue, up from $736 million during the same period in 2023.
- To $1.08 billion, transaction revenue from institutional and consumer clients grew.
Following today’s closing bell, Coinbase announced that it achieved a record-breaking first quarter, generating $1.6 billion in revenue—a 72% increase over the previous quarter.
The business also revealed a sharp increase in net income, reporting $1.18 billion for the quarter as opposed to a $79 million loss at the same time last year. Additionally, Coinbase produced $1.01 billion in EBITDA.
According to the company’s earnings announcement, “first quarter results reflect our investments in product expansion, continued operational discipline, and strong market conditions.” “We hit all-time highs on Coinbase Prime, our market share in US spot and futures grew, and the market capitalization of USDC rose.
Coinbase’s first-quarter revenue for 2024 was also an increase of roughly 115% when compared to the same period the prior year. For the quarter, transaction revenue increased overall for both institutional and consumer clients, coming to $1.08 billion. To reach $85 million, institutional transaction revenue increased by 113% over the prior quarter.
Coinbase’s biggest source of income remained to be its consumer-facing business, which brought in $935.2 million in sales. According to Coinbase, as its membership base expanded, so did the money it made from subscriptions.
We made over $300 million in transaction revenue in April, and we anticipate that Q2 subscription and services revenue will be between $525 and $600 million, Coinbase added in its financial statement.
According to Yahoo Finance, the company’s shares fell almost 3% in after-hours trading to $222 as of 4:32 p.m. ET, after rising nearly 9% during the normal trading session. This last year, Coinbase’s stock increased by about 50%.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
