Coinbase said May 4 that its net revenue increased by 22% quarter over quarter to $736 million and its operating expenses fell by 24% from the previous quarter.
The company alluded to its recent downsizing efforts and said that it is becoming a “more efficient” company that is “able to do more for less.”
Coinbase said its activities produced a net loss of $79 million but also generated $284 million in adjusted earnings before interest, taxes, depreciation and amortization (EBIDTA).
Coinbase was one of several companies to lay off workers this year when it let go of 950 staff in January. It said today that this restructuring plan cost it $144 million, close to the lower end of its previous estimates.
The company also alluded to the loss of Silvergate Bank and Silicon Valley Bank as banking partners. Coinbase said it has “onboarded new partners,” replaced those banks’ 24/7 instant settlement services, and ensured redundancy.
Coinbase stock (COIN) is up 1.51% today and up 7.05% after hours.
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