Crypto exchange Coinbase generated $1.6 billion in revenue in Q1 2024, up 72% from Q4 2023. At the same time, the company's transaction income doubled during this period.
According to the published report, the company's net income amounted to $1.18 billion, or $4.4 per share. This is significantly higher than the predicted value. Analysts expected Coinbase to report 1Q 2024 net income of $1.09 per share.
By comparison, Coinbase closed the first quarter of 2024 with a net loss of $78.9 million. Current net income of $1.18 billion is more than the company earned in all of 2023.
Of this revenue, $935.2 million comes from transaction fees. This figure doubled compared to the previous quarter. Coinbase also announced an increase in transaction volume in monetary terms to $56 billion.
Income from institutional transactions also increased - by 133%, to $85.4 million. A third of the volume of both retail and institutional transactions is accounted for by Bitcoin.
The increase in commissions is primarily due to the launch of the Base blockchain. We examined this network in detail in a separate article:
At the time of writing, Coinbase (COIN) stock is trading at $229.43 in premarket trading. Over the past six months, this position has seen an increase of more than 170%:
