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Crypto exchange Coinbase announces reduced first-quarter loss

Coinbase logo displayed on a phone screen and representation of Bitcoin are seen in this illustration photo taken in Krakow, Poland on April 15, 2021 (Photo by Jakub Porzycki/NurPhoto via Getty Images)

After investors tiptoed back to the strained asset class to hedge against a worsening economic backdrop, cryptocurrency exchange Coinbase Global Inc. (COIN.O) posted a smaller-than-expected first-quarter loss on Thursday.

The San Francisco-based company’s net loss fell to $78.9 million in the March quarter from $429.7 million a year earlier.

In extended trading, the company’s shares rose almost 7% after reporting a 34-cent loss per share compared to analysts’ $1.35 loss.

As cryptocurrencies rise, Coinbase’s shares, which dropped 85% in 2022, recovered about 40% this year through Thursday’s closing.

After a violent selloff in 2022, investors progressively return to speculative assets to protect against market risks from deepening recession fears and a banking sector confidence crisis.

“This is Coinbase’s fourth crypto cycle and we’ve emerged stronger after each one,” CEO Brian Armstrong remarked.

Still, trading volumes more than halved to $145 million, suggesting the cryptocurrency exchange has yet to profit from the reversal.


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