Coinbase’s (COIN) stock is up 9% after the cryptocurrency exchange reported that its first-quarter revenue rose 23% from a year ago to $773 million U.S.
The Q1 revenue was better than the $655 million U.S. expected on Wall Street, according to data from FactSet.
The company also reported an adjusted loss of -$0.34 U.S. per share, which was much better than a loss of -$1.45 U.S. a share that analysts had forecast.
In the previous fourth quarter of 2022, Coinbase reported a loss of -$2.45 U.S. per share.
Trading volume on the crypto exchange totaled $145 billion U.S. during Q1 compared to analyst estimates of $147.7 million U.S.
Coinbase said it continues to focus on international expansion, having recently opened a derivatives exchange in Bermuda.
The company is also expanding in Canada, Brazil and Singapore.
Coinbase’s stock has declined 57% in the last 12 months to trade at $49.22 per share.
