Benzinga - by Chris Katje, Benzinga Staff Writer.
Cryptocurrency trading platform Coinbase Global (NASDAQ:COIN) reported first-quarter financial results after the market close Thursday.
Here are the key highlights.
What Happened: Coinbase reported total revenue of $1.64 billion, which beat a Street consensus estimate of $1.34 billion, according to data from Benzinga Pro. The company reported GAAP EPS of $4.40.
The company reported net revenue of $1.6 billion for the quarter, up 72% quarter-over-quarter.
Transaction revenue in the first quarter was $1.08 billion, with consumer transaction revenue totaling $935.2 million. Institutional transaction revenue was $85.4 million in the first quarter.
The company said institutional trading volume and number of active accounts hit all-time highs.
Net income in the first quarter was $1.2 billion, which included $737 million in pretax crypto asset mark to market gains.
Subscription and services revenue were $511 million in the first quarter, beating previous guidance from the company.
Bitcoin (CRYPTO: BTC) represented 33% of trading volume and 30% of transaction revenue in the quarter. Ethereum (CRYPTO: ETH) represented 13% of trading volume and 15% of transaction revenue in the quarter.
The company highlighted its Layer 2 platform Base, which saw an 8x increase in developer activity in the first quarter. Base processed more transactions than any Layer 2 over the last 30 days, according to the company.
What's Next: Coinbase is guiding for second-quarter subscription and services revenue to be in a range of $525 million to $600 million.
The company said transaction revenue was $300 million in the month of April.
COIN Price Action: Coinbase shares are down 3.25% to $221.42 in after-hours trading Thursday after gaining 8.93% in the regular trading session.
Read Next: Coinbase Up 300% In A Year, But Faces Bearish Technicals Ahead Of Q1 Earnings
Photo courtesy of Coinbase.
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