Coinbase exceeds expectations as interest income experiences a surge
Shares of Coinbase Global Inc (NASDAQ:COIN) surged after the crypto exchange operator exceeded expectations for both revenue and profit.
The shares increased by 0.5%, bringing their year-to-date gains to 156%.
Coinbase reported a loss of 42 cents per share, which was better than Wall Street's expected loss of 76 cents per share. However, the revenue declined by 12.4% to $707.9 million, still surpassing analysts' revenue expectation of $627.6 million.
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