Coinbase's Q1 revenue reached $1.6 billion, a 72% increase from the previous quarter

Coinbase said that the company's revenue in Q1 2024 reached $1.6 billion, up 72% from the previous quarter and about 115% from the previous year. Net income for the quarter was $1.18 billion, compared with a loss of $79 million in the same period last year, and EBITDA was $1.01 billion. According to MarketWatch data, Coinbase earned $4.04 per share, exceeding the general expectation of $1.15 per share. The company said in its financial report: "The first quarter results reflect our investment in product expansion, continued operational discipline and strong market conditions. We increased our share of the US spot and derivatives markets, we reached an all-time high on Coinbase Prime, and the market value of USDC is also growing." Overall, trading revenue from both consumer and institutional customers increased, totaling $1.08 billion this quarter. Institutional trading revenue increased 113% from the previous quarter to $85 million. Consumer-oriented business remains the main source of revenue for Coinbase, and the company earned $935.2 million from consumer transactions. Coinbase says its user base is growing as revenue from subscription services grows. (The Block)