Coinbase Global shares climbed after the bell Thursday following first-quarter results that surpassed revenue expectations.
The cryptocurrency platform reported revenue of $736 million, down from $1.17 billion in the first quarter of 2022 but ahead of Street expectations of $649.4 million. The company’s net loss was $79 million.
Transaction revenue was $375 million, down from $965.8 million.
The stock popped nearly 7% to $52.61 after hours, after adding 1.5% while the market was open.
Looking ahead, Coinbase maintained its goal of improving full-year adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in absolute dollars compared to 2022.
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