Cryptocurrency company Coinbase posts record Q1 revenue
Thanks to quarterly estimates it released last month, Coinbase's biggest news on Thursday wasn't its record revenue ($1.8 billion, more than all of 2020), but its announcement it plans to list Dogecoin on its exchange in the next six to eight weeks.
Why it matters: The digital token has made waves recently thanks to its prominence in social-media driven investing — and in Tesla CEO Elon Musk's tweets and jokes.
The big picture: Coinbase's business is very much tethered to the cryptocurrency market, enabling it to greatly benefit from the recent skyrocketing of token prices.
- Yes, but: CFO Alesia Haas warned that while high cryptocurrency prices usually lead to more trading (and therefore more fees and revenue for companies like Coinbase), it's not a guarantee and the company will continue to be thoughtful with its finances.
By the numbers:
- Revenue: $1.8 billion
- Earnings per share: $3.05
- Net income: $771.5 million
- Trading volume: $335 billion
- Verified users: 56 million
- Monthly transacting users: 6.1 million