Crypto exchange Coinbase posts smaller loss on cost cuts, more revenue sources

Coinbase reported a smaller-than-expected loss in its Q1 earnings, citing diversification of revenue sources and cost cuts. The exchange also benefitted from onboarding subscription and wallet-as-a-service offerings and its deal with One River Digital Asset Management to boost product offerings. Analysts estimated a loss of $1.35 per share, while Coinbase reported a loss of 34 cents per share. The exchange’s operating expenses saw a 24% decrease from the prior quarter, while retail trading volumes fell by 72%. Despite the challenging market conditions, Coinbase CFO Alesia Haas believes the improved cost-structure will help the firm hit its 2023 goal to improve core profit.