Since its IPO in April 2021, Coinbase Global's (NASDAQ: COIN) shares have more or less been in freefall. Today the stock trades at around $60 per share, a far cry from its peak of $357.

But based on the company's first-quarter earnings report, there is reason to believe the worst could be in the rearview mirror. While profits and revenue were still far below their all-time highs, Coinbase's numbers showed that the company is able to deliver even with its back against the wall.

Here's what stood out most from its earnings and why it matters.

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Source Fool.com