Shares of Coinbase Global (NASDAQ: COIN) rose as much as 16.7% on Friday morning. The driving force behind this impressive ascent was a hale and hearty first-quarter earnings report that left analysts and investors pleasantly surprised.

Your average analyst had expected an adjusted net loss of $1.36 per share on revenue close to $649 million. However, Coinbase delivered a net loss of just $0.34 per share, a significant improvement from the net loss of $1.98 per share in the year-ago period. The crypto-trading platform operator's revenue also exceeded expectations. Top-line sales came in at $773 million, well ahead of the Street target, albeit down from $1.2 billion in Q1 2022.

In the press materials, Coinbase CEO Brian Armstrong emphasized Coinbase's focus on efficiency and financial discipline: "This quarter represented a turning point in our drive toward building a company that is more efficient and financially disciplined; a company that is able to do more for less."

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Source Fool.com