Coinbase (COIN) earnings Q1 2024 [Video]

Coinbase reported better-than-expected revenue in its first-quarter earnings report on Thursday. The stock was trading about 2% lower in extended trading.

Here’s how the company did, compared to analysts’ consensus from LSEG.

• Earnings: $4.40 per share. That may not be comparable to the $1.09 average analyst estimate.
• Revenue: $1.64 billion vs. $1.34 billion expected

Coinbase, the primary marketplace in the U.S. for buying and selling digital tokens, reported net income of $1.18 billion, or $4.40 per share, compared to a year-ago loss of $78.9 million, or 34 cents a share. In February, the company reported its first profit in two years.

CNBC later confirmed that Coinbase’s adjusted earnings per share came in at $2.15, compared to the LSEG estimate of $1.09.

Profit in the quarter includes a $650 million mark-to-market gain on crypto assets held for investment in connection with the company’s adoption of updated accounting standards.

Consumer transaction revenue was $935 …