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Coinbase swings to profit in Q1 on jump in trading volumes

Investing.com -- Coinbase swung to a profit in the first quarter Thursday as revenue more than double from a year earlier, underpinned by a jump in trading volumes. 

Coinbase Global Inc (NASDAQ:COIN) shares were down more than 3% in after-hours trading following the report.

Coinbase reported reported earnings of $4.40 a share, compared with a loss of $0.34 a share a year earlier, and revenue of $1.64 billion, up from revenue of $772.5M a year earlier. That topped Wall Street expectations for EPS of $0.90 on revenue of $1.29B.

The beat on the top line comes as the cryptocurrency exchange saw a jump in trading volumes.

Consumer trading volume was $56B in Q1, up 93% quarter-on-quarter, while institutional transaction revenue was $85 million, up 133% quarter-on-quarter.

Total transaction revenue rose to $108B, from $374.7M a year earlier, with subscription and services revenue rising to $510.9M from $361.7M a year earlier.

"The bitcoin ETFs – combined with strong market conditions in Q1 – unlocked a flywheel of customer engagement across this more robust product suite. In fact, nearly 40% of institutional clients engaged with at least 3 products in Q1.

Looking ahead the company said that it expects Q2 subscription and services revenue to be within a range of $525 to $600 million.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.8% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.