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.
-The exchange said that broader market conditions are to blame, but it is not afraid of a bear market.
-Coinbase’s monthly active users dropped to 9.2 million, coming in shy of the Street’s consensus of 9.5 million.
-First quarter total trading volume was $309 billion, a 44% decrease from the fourth quarter of 2021, which the exchange attributed to market conditions.
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