Coinbase had a bumper first quarter, reporting $1.6 billion in revenue, an increase of 72% from the previous quarter, the company said after today's closing bell.
Earnings of $4.04 per share beat the consensus estimate of $1.15 per share, according to MarketWatch data. Coinbase's first-quarter revenue for 2024 was also an increase of about 115% when compared to the same period the previous year. Overall, transaction revenue rose for both consumer and institutional clients and totaled $1.08 billion for the quarter. Institutional transaction revenue grew by 113% from the previous quarter to $85 million.
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