Shares in Coinbase, America’s largest cryptocurrency exchange, surged over 13% on Friday after its Q1 earnings numbers showed signs of recovery from its dismal figures in 2022. 

The company reeled in $736 million in revenue in the first three months of the year—a 22% boost from the previous quarter—while also decreasing operating expenses by 24% within that time.

This was in line with Coinbase CEO Brian Armstrong’s decision in early January to cut the exchange’s headcount by 950 people. 

The value of assets on Coinbase’s platform also underwent a massive 62% surge to $130 billion this quarter, assisted by Bitcoin’s surge 72% surge from the beginning to the end of Q1. 

“We’ve been focused on building an increasingly efficient business that can do more for less,” stated Coinbase after releasing its earnings report on Thursday. “We reduced costs, doubled down on operational excellence and risk management, while continuing to drive product innovation and regulatory clarity.”

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Author: Andrew Throuvalas

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