By Yasin Ebrahim
Investing.com - Coinbase (NASDAQ:COIN) plunged in after hours trading Tuesday after the cryptocurrency exchange reported quarterly results that fell short of Wall Street estimates, pressured by weaker volatility and a rout in crypto prices including bitcoin.
Coinbase Global Inc (NASDAQ:COIN) shares climbed 1% in after hours trading.
Coinbase reported EPS of $1.98 on revenue of $1.16 billion, missing Wall Street expectations for EPS of $0.01 on revenue of $1.6 billion.
"The first quarter of 2022 continued a trend of both lower crypto asset prices and volatility that began in late 2021. These market conditions directly impacted our Q1 results," the company said.
Retail monthly transacting users, or MTUs, fell to 9.2 million from 11.4 million in the fourth quarter.
Trading volume declined to $309 billion from $547 billion in the fourth quarter and $335 billion in the first quarter of 2021.
Total transaction revenue fell to $1.01 billion from $1.54 billion in the prior-year period, with retail accounting for $965 million, and institutional just $47.2 million.
Looking ahead, the company said it expected weaker quarterly growth for Q2, paced by a decline in MTUs and trading volume.
For the full-year 2022, Coinbase forecasts MTUS in a range of 5.0 million 15.0 million for 2022, in line with previous outlook.