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Cryptocurrency exchange Coinbase’s net deficit was dramatically reduced in the first quarter of 2023, thanks partly to strong profits from retail investor trading activity. The company’s net loss decreased from $557 million in Q4 2022 to $79 million in Q1, thanks in part to a 22% rise in sales to $736 million. 
The results exceeded some analysts’ forecasts, resulting in a 7% increase in Coinbase’s share price in after-hours trading. According to Coinbase’s May 4 shareholder statement, transaction revenue — the fees it charges for transactions — from its institutional base climbed by a stunning 66% to over $22.3 million, while transaction revenue from regular investors increased by 14.1% to $352.1 million. 
Overall, transaction revenue climbed 16% quarter over quarter to $375 million, but trading volumes remained relatively constant. The biggest revenue was generated by interest income and blockchain incentives from staking, which climbed to $240.8 million and $73.7 million, respectively, from Q4 2022. 
Over the quarter, the percentage of revenue from Bitcoin trades of $29,246 (36%) and Ether trades of $1,900 (18%) remained nearly identical. Following a turbulent 2022 that saw net losses of $1.16 billion, $803 million, $576 million, and $605 million across each respective quarter last year, the company is inching closer to profitability. 
According to Coinbase, the quarter marked a “turning point” in the company’s efforts to become more “efficient” and “financially disciplined”: 
“We cut costs, stepped up operational excellence and risk management, and we’re still pushing for product innovation and regulatory clarity.” Our efforts are yielding significant results.” 
“Our teams are smaller but more nimble than ever before, and we are pleased with the pace of innovation and the results we are seeing,” the company noted. Coinbase slashed 18% of its workforce in June and another 20% in January to maintain an adequate level of “operational efficiency,” according to Armstrong. 
Coinbase’s remarks came in the wake of the United States Securities and Exchange Commission’s Wells notice: “We see this as an opportunity to continue pushing for a clear rule book in the U.S. for crypto regulations.” The company said that it is “heartened” to see greater bipartisan support for upcoming crypto legislation and intends to play a role in fighting for a rules-based market. 
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The post <a rel="nofollow" href="https://bitcoinworld.co.in/coinbase-share-price-spikes-7-9-as-q1-results-beat-expectations/">Coinbase Share Price Spikes 7.9% as Q1 Results Beat Expectations</a> appeared first on <a rel="nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Coinbase Share Price Spikes 7.9% as Q1 Results Beat Expectations

ItsBitcoinWorld

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