Coinbase's official Q2 earnings report

Coinbase Q1 Revenue Hits $1.64B, EPS $4.40; Stock Down After Hours

May 2, 2024, 08:11 PM

Coinbase significantly exceeded Wall Street's earnings expectations for the first quarter of 2024, reporting earnings per share (EPS) of $4.40, which was well above the anticipated $1.05. The cryptocurrency exchange also posted a revenue of $1.64 billion, surpassing the expected $1.32 billion. Despite these strong results, Coinbase's stock was down after hours. This financial performance marks a substantial increase compared to the previous year and highlights the company's robust growth amid a favorable market environment driven by a rally in bitcoin prices. The results have sparked a variety of reactions, with some analysts pointing to the precision of the earnings estimates and others highlighting the unexpected market response despite the earnings beat.