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.

You May Also Be Interested In

• Wells Fargo Starts Coinbase (COIN) at Equal Weight
• Citi and Coinbase link fiat and stablecoin payments for businesses
• FactSet (FDS) Tops Q4 EPS by 17c, Beats on Revenue; Offers FY Guidance