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Coinbase misses revenue estimates as retail investors head for the door

Stock Markets May 10, 2022 05:36PM ET
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2/2 © Reuters. FILE PHOTO: People watch as the logo for Coinbase Global Inc, the biggest U.S. cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron at Times Square in New York, U.S., April 14, 2021. REUTERS/Shannon Stapleton 2/2
 
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(Reuters) -Coinbase Global Inc missed estimates for first-quarter revenue on Tuesday and posted a loss as turmoil in global markets curbed investor appetite for risk assets including trading in cryptocurrencies.

Shares of Coinbase (NASDAQ:COIN) plunged 12.7% to $63.71 in extended trading after the cryptocurrency exchange operator also reported a fall in trading volumes and forecast an even bigger drop in the current quarter due to a decline in crypto asset prices.

Among its mix of crypto assets, bitcoin accounted for 24% of trading volume, up 16% from the prior quarter but down 39% from a year earlier. https://

The cryptocurrency market has been roiled by extreme volatility due to economic and geopolitical uncertainties such as fears of rising inflation and the impact of Ukraine war, leading to a sharp drop in their prices.

Bitcoin has nearly halved from the record high hit in November last year as the world's largest digital asset becomes a major target of governments and regulators looking to crack down on privately operated currencies.

Coinbase reported a 35% slump in total revenue to $1.17 billion for the three months ended March 31. Analysts had expected revenue of $1.48 billion, according to IBES data from Refinitiv.

Trading volumes fell to $309 billion for the quarter ended March 31 from $335 billion a year earlier. Retail trading took a big hit, with volumes tumbling 38% to $74 billion, although the institutional side grew 9% to $235 billion.

Net loss attributable to common shareholders was $429.7 million, or $1.98 a share, for the three months ended March, compared with net income of $387.7 million, or $3.05 a share, a year earlier.

Coinbase shares have shed 71% since their market debut last year though a direct listing.

Coinbase misses revenue estimates as retail investors head for the door
 

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Comments (2)
lee doloff
lee doloff May 10, 2022 5:14PM ET
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Oh it fell from ten thousand billion to nine thousand six hundred billion oh we sold ten million cars last wl quarter but this next quarter we only sold nine million eight hundred thousand give me a break
Jan Buyle
Jan Buyle May 10, 2022 4:39PM ET
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The ponzi sheme is running out of new believers... like all ponzi shemes do eventually...
Alan Rice
Alan Rice May 10, 2022 4:39PM ET
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Last one out gets 1 BC= 2 Cents.
 
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