Coinbase Reports 22% Increase in First Quarter Revenue Due to Measures to Cut Dividend Costs The share price soared 7% in after-hours trading.
Interest income rose 32% to $240 million, beating expectations of $205 million, with $199 million coming from USDC in the fourth quarter. Interest income totaled $182 million, $146 million in USDC.
Coinbase said revenue for the first quarter was $736 million, above the $658 million estimate of analysts polled by FactSet.
Anil Gupta, the company’s vice president of investor relations, said in an interview: Subscriptions and services revenue, including staking and interest income, was $362 million, above expectations of $316 million.
Coinbase’s quarterly volume did not decline, with monthly active users rising slightly to 8.4 million from 8.3 million.
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