Coinbase Made a $771 Million Profit Last Quarter: Live Updates
The cryptocurrency exchange Coinbase said on Thursday that its quarterly profit soared by more than 20 times from a year earlier as its revenue skyrocketed, in a sign of how enthusiasm for digital currencies has gone mainstream in the pandemic.
Coinbase said it brought in $1.8 billion in revenue during the first three months of the year, up from $191 million in the same period a year ago. Profits jumped to $771 million from $32 million. It was the company’s first earnings report since it went public last month.
But Coinbase also offered a cautionary note, saying that rivals were swarming the market and increasing competition. The company has been spending heavily on marketing and development to…