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Coinbase Stock Soars After-Hours on Strong Q1 2023 Revenue Growth

On Thursday (4 May 2023), Coinbase, Inc. (NASDAQ: COIN) released its First Quarter 2023 Shareholder Letter. The company reported a 22% Q/Q growth in net revenue, a 24% Q/Q decrease in total operating expenses, a net loss of $79 million, and a return to positive Adjusted EBITDA of $284 million.

Following the release of the Q1 2023 Shareholder Letter, Coinbase stock closed at $49.22 (+1.51%) on Thursday. However, as of 10:24 p.m. UTC on May 4, 2023, COIN has surged to $53.35 (+8.39%) in after-hours trading. The impressive growth in net revenue, which beat analysts’ estimates ($772.5 million vs. $655 million), has contributed to the stock price’s positive momentum.

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