Coinbase Stock Plummets as Crypto Exchange Posts $430 Million Loss
Cryptocurrency exchange Coinbase reported $1.17 billion in revenue during the first quarter, missing analyst estimates. Shares plummeted 12% in after-hours trading. “It’s worth just addressing the elephant in the room, which is that of course the broader markets are down,” Coinbase CEO Brian Armstrong said during the company’s earnings call Tuesday.
First quarter total trading volume was $309 billion, a 44% decrease from the fourth quarter of 2021, which the exchange attributed to market conditions. The company said it’s expecting a further decline in transactions in the second quarter, but its outlook for 2022 is “largely unchanged,” in its shareholder letter Tuesday.Coinbase collected $152 million in revenue from subscription and services during the first quarter.
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