coinspress.com
On Thursday, Coinbase reported a net loss of $79 million for the year's first quarter, marking the fifth consecutive quarter of negative net income.
However, the net loss was significantly smaller than those incurred in 2022. Despite experiencing a net income gain of about $3.6 billion in 2021, Coinbase incurred losses in each quarter of 2022, resulting in a total net loss of approximately $2.6 billion for the year.
In the first three months of 2023, the company’s net revenues increased by 22% quarter over quarter, while total operating expenses declined by 24%.
Coinbase described this as a turning point in the drive to build a more efficient and financially disciplined company in a letter to shareholders.
Trading volumes were $145 billion, with the crypto exchange’s stock price closing at $49.22, up 1.5% on the day.
READ MORE: Crypto Experts Predict a New High for Bitcoin in May 2023
Despite regulatory uncertainty and a recent downgrade by a Citigroup analyst, Coinbase petitioned the US Court of Appeals’ Third Circuit to obtain clarity on crypto regulations from the SEC.
According to some industry experts, Coinbase’s efforts to stand up to the securities regulator may be beneficial for the exchange and the industry in the long run.
The company aims to improve full-year 2023 adjusted EBITDA in absolute dollar terms versus full-year 2022 after reporting a positive adjusted EBITDA of $284 million in the first quarter.