First-quarter results missed estimates due to lower transaction revenue amid declining digital asset prices.
Coinbase Global Inc. posted a first-quarter net loss after crypto trading volumes fell sharply. Revenue of $1.16 billion undershot analyst forecasts, reflecting weaker demand as Bitcoin and Ethereum prices declined during the period.
The loss contrasted with a profit in the same quarter last year and marked the first negative print since the company went public. Consensus estimates had called for modest earnings of $0.17 per share on revenue of $1.34 billion.
Shares dropped 4% in extended trading following the earnings release.