Benzinga – Coinbase Global, Inc. (NASDAQ:COIN) shares are trading lower Friday after the company posted its first-quarter financial results after the market close Thursday.
The Details:
Coinbase reported total revenue of $1.64 billion, which beat the analyst estimate of $1.34 billion, and GAAP earnings of $4.40 per share.
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, and the company said institutional trading volume and number of active accounts hit all-time highs.
Bitcoin represented 33% of Coinbase’s quarterly 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.
Outlook:
Coinbase sees second-quarter subscription and services…
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