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Cryptocurrency exchange Coinbase Global Inc. (COIN.O) reported a smaller-than-expected loss in the first quarter, attributed to revenue source diversification and cost cuts. Following the announcement, the company's shares rose 7% in extended trading on Thursday.
Coinbase's deal with One River Digital Asset Management led to an increase in product offerings in subscription and services revenue. Additionally, the company launched wallet-as-a-service and other products to scale blockchain.
"We're also seeing the benefits of increased cost efficiencies, and we've taken deep lessons from growing too quickly and believe that we are going to be prudent in our spend going forward," said Alesia Haas, the Chief Financial Officer of Coinbase.
Coinbase reported a loss of 34 cents a share, while analysts had estimated a loss of $1.35. This news comes as investors look for ways to hedge against elevated market risks after a brutal selloff last year.
Despite this news, trading volumes have more than halved to $145 million, while retail trading volumes, which had helped make Coinbase a household name in 2021, sank 72%. The trend has not yet led to gains for the cryptocurrency exchange.
