Coinbase CFO: Results exceeded expectations but stock price fell, partly due to rising costs

Coinbase Chief Financial Officer Alesia Haas said in response to the company's stock price drop that first-quarter results were better than expected, but the stock price still fell 2.5% to $223.25, due to increased trading volume in March, which led to higher customer support costs. Crypto exchanges also face increased infrastructure costs and USDC stablecoin reward program expenses. She said the company will grow cautiously to avoid repeating past mistakes of expanding too quickly. Coinbase had large-scale layoffs in 2021 and 2022. Although Bitcoin fell 15% in April, Haas said this is the norm in the crypto world and the long-term outlook is optimistic. (Bloomberg)