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Coinbase reports first-quarter revenue beat after bitcoin rally leads surge in profit

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Coinbase's quarterly results follow a big jump in the price of bitcoin from a year earlier, though the rally has stalled of late.

Coinbase reported better-than-expected revenue in its first-quarter results after the bell on Thursday.

A smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023.reported better-than-expected revenue in its first-quarter earnings report on Thursday.$4.40 per share. That may not be comparable to the $1.09 average analyst estimate.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.

During the first quarter, bitcoin hit a new all-time high above $73,000 in March, and ethereum, the second-biggest digital asset, underwent its first major upgrade in over a year.

 

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