Coinbase rose more than 3% in pre-market trading

(May 14) Coinbase rose more than 3% in pre-market trading. Earlier, Coinbase posted earnings, showing that, EPS misses by $0.23, misses on revenue.

In its first quarterly earnings results since its IPO, Coinbase Global(NASDAQ:COIN)deliversQ1 earnings and revenue that trail theaverage analyst estimates.

Q1 EPS of $3.05 vs. consensus estimate of $3.20.

Q1 revenue of $1.60B misses the average analyst estimate of $1.82B; increases from $497M in Q4 2020 and $179M in Q1 2020.

Total operating expenses of $813.4M increased from $358.5M in Q4 and $151.8M in Q1 2020; as a percentage of revenue, operating expenses fell to 51% from 72% the prior quarter and 85% in the year-ago quarter.

Adjusted EBITDA of $1.12M matches the Visible Alpha consensus of $1.12B and increased from $288M in Q4 2020.

Monthly transacting users of 6.1M vs. Visible Alpha consensus of 6.1M and up from 2.8M in Q4.

Total trading volume of $335B jumped from $89B in the prior quarter; in the most recent quarter, trading $120B of trading volume was retail and $215B was institutional; 39% of the total was bitcoin and 21% was ethereum.

Coinbase had released somepreliminary Q1 metricson April 6.

Guidance: COIN expects Q2 trading volume meeting or slightly exceeding Q1's results and expects monthly transacting users to exceed Q1 levels.

For the year, the company expects annual average net revenue per user to exceed its historical range of $34-$45 per month.