COIN - What's Going On With Coinbase Stock After Earnings? | 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 revenue to be in a range of $525 million to $600 million and said transaction revenue was $300 million for ...