{"id":34801,"date":"2023-05-04T22:43:23","date_gmt":"2023-05-04T22:43:23","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/crypto-exchange-coinbase-posts\/"},"modified":"2023-05-04T22:49:50","modified_gmt":"2023-05-04T22:49:50","slug":"crypto-exchange-coinbase-posts","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/crypto-exchange-coinbase-posts\/","title":{"rendered":"Crypto exchange Coinbase posts smaller loss on cost cuts, more revenue sources"},"content":{"rendered":"<p>By Mehnaz Yasmin<\/p>\n<p>(Reuters) -Cryptocurrency exchange Coinbase Global Inc posted a smaller-than-feared loss in the first quarter, benefiting from cost cuts and diversification of revenue sources, sending its shares up 7% in extended trading on Thursday.<\/p>\n<p>The company has benefited from its deal for One River Digital Asset Management to ramp up product offerings in subscription and services revenue, while it also launched wallet-as-a-service and other products to scale blockchain. <\/p>\n<p>&#8220;We&#8217;re also seeing the benefits of increased cost efficiencies, and we&#8217;ve taken deep lessons from growing too quickly and believe that we are going to be prudent in our spend going forward,&#8221; Chief Financial Officer Alesia Haas said.<\/p>\n<p>Coinbase posted a loss of 34 cents a share, while analysts estimated a loss of $1.35 as investors tiptoe back to the speculative asset class to hedge against elevated market risks after a brutal selloff last year. <\/p>\n<p>But the trend is yet to power gains for the cryptocurrency exchange as trading volumes more than halved to $145 million while retail trading volumes, which had been instrumental in making Coinbase a household name in 2021, sank 72%. <\/p>\n<p>Earlier this year, the company said it will cut 950 more jobs in its the third round of layoffs since last year.\u00a0<\/p>\n<p>Haas said the improved cost-structure will help the company hit its 2023 goal to improve core profit year-over-year. <\/p>\n<p>The company lowered operating expenses by 24% from last quarter and reported $607 million in expenses, much lower than its prior range of between $625 million and $675 million.  <\/p>\n<p>&#8220;Everyone was expecting disastrous results, and it does not look to be a disaster for Coinbase at all,&#8221; \u00a0said\u00a0Dave Weisberger, CEO of\u00a0CoinRoutes, an algorithmic-trading platform for the digital asset industry.\u00a0<\/p>\n<p>Coinbase shares, which lost 85% of their value in 2022, have risen nearly 40% this year as of Thursday&#8217;s close as cryptocurrencies gain some ground.<\/p>\n<p> (Reporting by Mehnaz Yasmin in Bengaluru; Editing by Maju Samuel and Arun Koyyur)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/crypto-exchange-coinbase-posts\/file-photo-illustration-shows-a-representation-of-the-cryptocurrency-and-6\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ430UW-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ430UW-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Mehnaz Yasmin (Reuters) -Cryptocurrency exchange Coinbase Global Inc posted a smaller-than-feared loss in the first quarter, benefiting from cost cuts and diversification of revenue sources, sending its shares up 7% in extended trading on Thursday. The company has benefited from its deal for One River Digital Asset Management to ramp up product offerings in [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":34802,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-34801","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ430UW-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/34801","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=34801"}],"version-history":[{"count":4,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/34801\/revisions"}],"predecessor-version":[{"id":35042,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/34801\/revisions\/35042"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/34802"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=34801"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=34801"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=34801"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}