Coinbase revenue tripled from last quarter as crypto prices skyrocketed

Coinbase revenue tripled from last quarter as crypto prices skyrocketed

Shares were down about 3% in after-hours trading on Thursday, despite revenue and net income skyrocketing in the first quarter of 2021 as the cryptocurrency trading platform capitalized on a boom in crypto prices and corresponding interest from investors. Here's how the cryptocurrency exchange did in its first earnings report since in April: The company's net profit for the quarter was over $771 million, more than four-fold over Q4 2020's figure of $177 million and more than 24 times higher than the year-ago quarter's profit. Monthly transacting users more than doubled from the previous quarter, from 2.8 million to 6.1 million. Coinbase's 56 million verified users, along with record-breaking price moves in the crypto market, led trading volume to more than triple from the previous quarter. Coinbase's fate is tethered to the performance of digital assets like bitcoin. Roughly 94% of the company's net revenue in the first quarter came from transaction fees from trading. In an introductory note, the company noted that bitcoin prices nearly doubled during the quarter, and ether prices almost tripled. During last month's direct listing,  and was briefly valued at , a landmark event for the cryptocurrency industry. There are concerns that crypto price