Coinbase beats expectations as interest income surges

Investing.com -- Coinbase Global Inc (NASDAQ: COIN) shares rose after the crypto exchange operator beat expectations for the top and bottom lines.

Shares rose 0.5%. They are up 156% so far this year.

Coinbase reported a loss of 42 cents a share, which is better than the 76 cent a share loss expected by Wall Street. Revenue fell 12.4% to $707.9 million. Analysts expected revenue of $627.6M.

A surge in interest income helped offset falling trading volumes. Trading volume was $92 billion, down from $217B from one year ago. Interest income was $201M, versus $32.5M one year ago.

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