By Coinbase Global Inc. witnessed a surge of over 5% in its shares during after-hours trading on Thursday. The crypto company disclosed that it had narrowed its quarterly loss and achieved revenue figures exceeding Wall Street’s projections.
In the most recent quarter, Coinbase reported a loss of $79 million, equivalent to 34 cents per share. Comparatively, it experienced a loss of $430 million, or $1.98 per share, during the same period last year. Revenue also experienced a decline from $1.2 billion to $773 million, in comparison to the previous year.
Financial analysts surveyed by FactSet had anticipated a loss of 76 cents per share and sales amounting to $628 million from Coinbase.
Coinbase expressed optimism in a letter addressed to shareholders, asserting that this quarter marked a significant milestone in their pursuit of building an efficient and financially disciplined company. They emphasized their commitment to cost reduction, operational excellence, risk management, product innovation, and regulatory clarity.
Despite ongoing legal challenges with the Securities and Exchange Commission (SEC), Coinbase remains confident that it is now in a stronger business position. They firmly believe that these challenges present an opportunity for advocating a comprehensive regulatory framework for cryptocurrency activities within the United States.
Since the start of this year, Coinbase’s shares have soared by nearly 160%, greatly surpassing the 18% increase observed in the S&P 500 index (SPX).
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