Coinbase Posts Jump in Revenue, Drop in Quarterly Earnings (1)

Coinbase Global Inc.’s first-quarter revenue jumped while profit declined as the largest US crypto exchange navigated the volatile price swings of the digital asset market.

Revenue increased about 24% to $2 billion from the year-ago period, though it was around 10% sequentially lower from the fourth quarter, the San Francisco-based company said in a blog post Thursday. Revenue was expected to be $2.105 billion, according to the average forecast of analysts surveyed by Bloomberg.

Net income fell 94% to $66 million, or 24 cents per share. Much of the decline was due to Coinbase marking its crypto holdings to ...