May 5 (Cointime) - Coinbase Global, Inc. announced today the release of its first quarter 2023 shareholder letter.  

The firm disclosed a quarter-over-quarter net revenue growth of 22%, accompanied by a 24% quarter-over-quarter reduction in total operating expenses. Although the company faced a net loss of $79 million, it managed to achieve a positive adjusted EBITDA of $284 million.

The letter, including the Coinbase's financial results, can be found on its Investor Relations website at investor.coinbase.com.  

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We’ve been focused on building an increasingly efficient business that can do more for less. We reduced costs, doubled down on operational excellence and risk management, while continuing to drive product innovation and regulatory clarity.

We are pleased with the pace of innovation and the results we are seeing. We have continued to build the trusted products and infrastructure that will ultimately help crypto to realize its potential through new use cases and enhanced technologies.

There is no doubt Coinbase is in a stronger business position as a result of these efforts. The crypto industry continues to be volatile, but we will continue to work towards our mission of increasing economic freedom and bringing over 1 billion people into crypto.

Join us as we work to ensure the regulated, compliant growth of the cryptoeconomy in the US. Over 40,000+ people have already signed up for Crypto 435 and in less than two weeks since launch.

You can also add to the 100,000+ mints of our Stand with Crypto commemorative NFT, a symbol of unity for the crypto community that raises funds to support crypto advocacy.