Sina Science and Technology News reported on the morning of May 3, Beijing time, that cryptocurrency exchange Coinbase today announced the company's financial report for the first quarter of fiscal year 2024. According to the report, Coinbase's total revenue in the first quarter was $1.638 billion, a significant increase from $773 million in the same period last year, net revenue was $1.588 billion, a significant increase from $736 million in the same period last year, and net profit attributable to common shareholders was $1.178 billion, compared with a net loss attributable to common shareholders of $78.9 million in the same period last year, a year-on-year turnaround.
Coinbase's total first-quarter revenue beat Wall Street analysts' expectations, and its diluted net income per share attributable to common shareholders was $4.40, far better than the year-ago quarter's net loss of $0.34 per diluted share, but this performance may not be comparable to analysts' expectations. Despite this, the company's shares are still down nearly 4% after hours.
Main achievements:
In the fiscal quarter ended March 31, Coinbase's net profit was $1.176 billion, compared with a net loss of $78.9 million in the year-ago quarter, turning losses into profits year-over-year.
Coinbase's net income attributable to common shareholders in the first quarter was $1,178 million, compared to a net loss attributable to common shareholders of $78.9 million in the year-ago quarter, and net income per diluted share attributable to common shareholders was $4.40, compared to a net loss per diluted share attributable to common shareholders of $0.34 in the year-ago quarter, but this performance may not be comparable to analysts' expectations. Analysts had on average expected Coinbase's net profit per diluted share to be $1.09 in the first quarter, according to data provided by LSEG, formerly known as Refinitiv, a provider of financial market data information and infrastructure.
Coinbase's first-quarter net profit included a mark-to-market investment income on the company's crypto asset holdings related to its adoption of the latest accounting standards.
Coinbase's total revenue for the first quarter was $1.638 billion, a significant increase from $773 million in the year-ago quarter, a result that beat analysts' expectations. Among them, Coinbase's net revenue in the first quarter was $1.588 billion, a significant increase from $736 million in the same period last year, and other revenue was $49.9 million, an increase from $36.1 million in the same period last year. According to data provided by LSEG, analysts had expected Coinbase to report first-quarter revenue of $1.34 billion on average.
By Business Segment:
(1) Coinbase's total trading revenue in the first quarter was $1,076.7 million, a significant increase from $374.7 million in the year-ago quarter. Net trading revenue from retail investors was $935.2 million, up from $329.2 million in the year-ago quarter, $85.4 million from institutional investors, up from $22.3 million in the year-ago quarter, and $56.1 million, up from $23.3 million in the year-ago quarter.
(2) Coinbase's total subscription and services revenue in the first quarter was $510.9 million, up from $361.7 million in the year-ago quarter. Stablecoin revenue was $197.3 million, down from $198.9 million in the year-ago quarter, blockchain rewards revenue was $150.9 million, up from $73.7 million in the year-ago quarter, interest and financial fee revenue was $66.7 million, up from $43.3 million in the year-ago quarter, custody fee revenue was $32.3 million, up from $17.0 million in the year-ago quarter, and other subscriptions and services revenue was $63.7 million, up significantly from $28.7 million in the year-ago quarter.
Coinbase's total operating expenses in the first quarter were $877 million, down from $896 million in the year-ago quarter. Among them, Coinbase's first-quarter transaction expenses were $217.4 million, accounting for 14% of net revenue, compared with $96.4 million, accounting for 13% of net revenue, in the same period last year. Sales and marketing expenses were $98.6 million, up from $64.0 million in the year-ago quarter, technology and development expenses were $357.9 million, essentially unchanged from $358.0 million in the year-ago quarter, general and administrative expenses were $287.2 million, up from $248.8 million in the year-ago quarter, restructuring expenses were nil, compared to $144.5 million in the year-ago quarter, and other operating expenses were $2.4 million, compared to other operating income of $33.2 million in the year-ago quarter.
Coinbase's first-quarter adjusted EBITDA, or net income before interest, taxes, depreciation and amortization, was $1,014 million, a significant increase from $284 million in the year-ago quarter.
Operational Indicators:
Coinbase's trading volume in the first quarter was $312 billion, a significant increase from $145 billion in the same period last year. Among them, retail investors traded $56 billion, a significant increase from $21 billion in the same period last year, and institutional investors traded $256 billion, compared with $124 billion in the same period last year.
In terms of the trading volume of various crypto assets, Coinbase's Bitcoin trading volume accounted for 33% of the total trading volume in the first quarter, an increase from 32% in the same period last year, the trading volume of Ether accounted for 13% of the total trading volume, a significant decrease from the 24% trading volume in the same period last year, the trading volume of USDT accounted for 11% of the total trading volume, compared to zero in the same period last year, and the trading volume of other crypto assets accounted for 43% of the total trading volume , down from 45% in the same period last year.
Business outlook:
Coinbase expects subscription and services revenue to be in the range of $525 million to $600 million in the second quarter of fiscal 2024, with transaction spend expected to be in the range of 10% to 19% of net revenue Technology and development expenditures and general and administrative expenses are expected to be in the range of $600 million to $710 million, including approximately $210 million of share-based award expenditures, which will be primarily driven by technical and business support personnel, and sales and marketing expenditures are expected to be between $150 million and $180 million, including approximately $17 million of equity-based award expenses.
Stock Price Movement:
On the day, Coinbase shares rose $18.76, or 8.93%, to close at $228.85 during regular trading on the Nasdaq market. In subsequent after-hours trading as of 6:16 p.m. EST on the 2nd (6:16 a.m. Beijing time on the 3rd), Coinbase shares fell $8.45, or 3.69%, to $220.40. Over the past 52 weeks, Coinbase has traded at a high of $283.48 and a low of $46.43.