- An adjusted loss per share of $0.34, well below projections
- The company has improved performance due to cost optimization
- The exchange laid off about 950 people in January alone
Today, May 4, Coinbase investors received the exchange’s financial report for the first quarter of 2023. The company reported revenue growth of 22%, to $736 million, well above guidance.
The exchange’s adjusted earnings before taxes and depreciation were $284 million.. The company’s total assets surpassed $5.3 billion.
In general, Coinbase’s economic performance has improved significantly, according to the report.. Adjusted loss per share was $0.34 against a projected $1.45. In Q4 2022, it was $2.45.
The company was able to achieve this through strict cost optimization. In January alone, the exchange laid off about 950 people and closed its Japan office.
The restructuring strategy cost the firm $144 million, but has borne fruit. This is how Coinbase CEO Brian Armstrong commented on the report:
“This is the fourth cryptocurrency our company has gone through. And after each of them we became stronger.
We changed the business to operate more efficiently in the downturn, which is reflected in adjusted earnings.”
One of the company’s major accomplishments this quarter was entering the Bermuda market..
Investors expect that offshore representation will have a positive impact on the firm’s revenues as well as broadening the firm’s reach.