Coinbase Q1 net loss $79M, Adj EBITDA $284M, revenue up 22% Q/Q

Coinbase Global, Inc.

2023-Q1 EPS reported -$0.34 revenue$772,529,000

Net revenue $736M (+22% Q/Q); total revenue $773M; net loss narrowed from $124M Q4 to $79M.
Subscription and services revenue $362M (+28% Q/Q); interest income $241M, USDC income $199M.
Total operating expenses $896M (-24% Q/Q), including $144M restructuring; FTEs cut to 3,535.
Guidance: FY2023 Adj EBITDA to improve vs 2022; Q2 subscription revenue to decline on lower USDC market cap.
Received SEC Wells Notice; advocates for clear crypto regulation; launched international exchange.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Coinbase Global, Inc. reported the quarter ended March 31, 2023 results: revenue Net revenue grew 22% Q/Q to $736 million, net income Net loss was $79 million. Guidance reaffirmed.

Period: the quarter ended March 31, 2023
Revenue: Net revenue grew 22% Q/Q to $736 million
Net income: Net loss was $79 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

operational excellence and risk management, and continue to drive product innovation and regulatory clarity. Our efforts are showing meaningful progress. In Q1, net revenue grew 22% Q/Q and total operating expenses declined 24% Q/Q, resulting in a net loss of $79 million but a return to positive Adjusted EBITDA of $284 million. Our teams are smaller, but

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Coinbase Global, Inc. filing history →

Source: SEC EDGAR

accession 0001679788-23-000071

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