Notably, during the first quarter, Coinbase recorded a net profit of over 1 million, more than fourfold of what the company reported during the fourth quarter.Coinbase Global Inc (NASDAQ: COIN) stock was up over 6% in today’s pre-market to trade around 2.30. However, COIN stock closed yesterday trading at 5.10, down 6.53%. The spike in Coinbase stock on Friday’s pre-market was largely attributed to the Q1 earnings and revenue results that significantly skyrocketed in regards to 2020 Q4 results.Coinbase Q1 EarningsNotably, Coinbase reported earnings per share of .05 and revenue of .80 billion during the first quarter. During the 2020 fourth quarter, the cryptocurrency exchange recorded a revenue of 5 million, thereby reciprocating to a triple rally during the first three
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Notably, during the first quarter, Coinbase recorded a net profit of over $771 million, more than fourfold of what the company reported during the fourth quarter.
Coinbase Global Inc (NASDAQ: COIN) stock was up over 6% in today’s pre-market to trade around $282.30. However, COIN stock closed yesterday trading at $265.10, down 6.53%. The spike in Coinbase stock on Friday’s pre-market was largely attributed to the Q1 earnings and revenue results that significantly skyrocketed in regards to 2020 Q4 results.
Coinbase Q1 Earnings
Notably, Coinbase reported earnings per share of $3.05 and revenue of $1.80 billion during the first quarter. During the 2020 fourth quarter, the cryptocurrency exchange recorded a revenue of $585 million, thereby reciprocating to a triple rally during the first three months of the year.
Coinbase stock has dropped approximately 22.49% in the past month, the same period that the company went public through a direct Nasdaq listing. During the first three months of the year, Coinbase saw its earnings and revenue significantly affected by the Bitcoin bull market.
Furthermore, the company significantly benefits from fees collected during cryptocurrency transactions.
Since going public a few weeks ago, the company has seen its market valuation fall dramatically from over $100 billion to approximately $56 billion at the time of reporting according to MarketWatch.
Notably, during the first quarter, Coinbase recorded a net profit of over $771 million, more than fourfold of what the company reported during the fourth quarter, $177 million.
Coinbase Stock and the Cryptocurrency Market
As a leading cryptocurrency exchange in the United States by daily traded volume, Coinbase plays a notable role in digital asset retail and institutional adoption. Moreover, the firm offers institutional level custodial services, thus providing a secure and regulated gateway from more money into the crypto industry.
With the cryptocurrency industry still in a bull market on a long-term horizon, the Coinbase stock market is expected to significantly benefit from the rising market prices. During the earnings call, Coinbase announced its plans to list Dogecoin in the next six to eight weeks.
Dogecoin listing on Coinbase has been advised due to the increased demand of the meme coin over the past few months. Notably, Dogecoin has added over 21140% in the past twelve months, all fueled by speculation, particularly from Tesla Inc (NASDAQ: TSLA) CEO Elon Musk.
“We are slow. We need to add more assets. We’re making big investments to improve the speed of our asset addition,” Coinbase CFO Alesia Haas told CNBC.
In a bid to diversify and reduce market risks, Coinbase aims to add bank-like services in the near future. “We hope to be the primary financial account in the crypto economy, and engage our users with all the transaction types,” Haas notes.
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