secwatch.observer — SEC 8-K summary
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Issuer:     Coinbase Global, Inc. (COIN)
CIK:        0001679788
Form:       8-K
Filed at:   2023-05-04T23:59:59+00:00
Accession:  0001679788-23-000071
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1679788/000167978823000071/0001679788-23-000071-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1679788/000167978823000071/coin-20230504.htm
  HTML page:      https://secwatch.observer/filing/0001679788-23-000071

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