Coinbase Global Inc. (NASDAQ: COIN) opened more than 5% up in the stock market on Friday after reporting its first-ever quarterly results as a public company. The stock, however, lost the entire intraday gain later on.
Financial performance
Coinbase noted $1.8 billion (£1.28 billion) of revenue and $771.51 million (£547.75 million) of earnings ($3.05 per share or £2.17 per share) in the first quarter. The figures were almost in line with what investors had expected. In the prior quarter (Q4), the Wilmington-based firm had recorded $585 million (£415.34 million) of revenue.
The cryptocurrency firm now has 56 million verified users after monthly transacting users (MTUS) jumped over 100% in Q1 to 6.1 million. For the current quarter, Coinbase forecasts users to increase by up to 9 million.
CFO Alesia Haas’ remarks on Cramer’s Mad Money
Commenting on the need for regulation, Coinbase CFO Alesia Haas said on Jim Cramer’s Mad Money:
“We’ve leaned into regulations since we were founded. We like partnering with regulators. We want there to be a level playing field, and we embrace regulation. We think it’s a benefit to our business and not a burden.”
Haas also highlighted that users on the platform are primarily interested in Bitcoin. But interest in other crypto-assets is also building up gradually. Cramer also questioned the CFO over concerns of competition as several financial companies, including big shots like PayPal, Visa, and Mastercard, start to penetrate the crypto market, to which Haas responded:
“We welcome them. Three years ago, when we were the only crypto company, we were a little lonely out there, and so now that we see most fintechs embracing crypto and large financial services players, it just really says that crypto has arrived, like this is becoming mainstream this is here to stay, yet it is evolving.”
Also on Friday, Coinbase announced that it has decided to list Dogecoin on its platform.
Coinbase’s performance in the stock market
Coinbase Global Inc. listed on the Nasdaq Stock Exchange last month at a per-share price of $328.28 (£233.07). The cryptocurrency exchange platform hit a year-to-date low of $256.76 per share (£182.29 per share) last week after sliding from a high of $342 per share (£242.81 per share) in mid-April. At the time of writing, Coinbase is valued at $53.60 billion (£38.05 billion) and has a price to earnings ratio of 420.07.
The post Coinbase CFO discusses crypto space with Jim Cramer on Mad Money appeared first on Invezz.
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