coinbase said May 4th Net revenues increased 22% sequentially to $736 million and operating expenses decreased 24% sequentially.
The company hinted at its recent downsizing efforts, saying it was becoming a “more efficient” company that “can do more with less”.
Coinbase said its activity generated a net loss of $79 million, but also generated $284 million in adjusted earnings before interest, taxes, depreciation and amortization (EBIDTA).
Coinbase is one of several companies to lay off employees this year when it laid off 950 employees in January. The company said today that the restructuring plan cost him $144 million, near the lower end of previous estimates.
The company also hinted at the loss of Silvergate Bank and Silicon Valley Bank as banking partners. Coinbase said it has “embraced new partners” to replace his 24/7 instant payment services at those banks and ensure redundancy.
Coinbase shares (COIN) were up 1.51% today and 7.05% after hours.
A Coinbase post reports a quarterly revenue growth of 22%, with a $79 million net loss first appearing on CryptoSlate.
