Coinbase earnings (COIN) Q1 2022

Monitors show Coinbase signage during the company’s initial public offering (IPO) at Nasdaq MarketSite in New York, United States, Wednesday, April 14, 2021.

Michele Nagel | Bloomberg | Getty Images

Coinbase reported first quarter earnings who missed the analyst’s estimates after Tuesday’s bell. The shares fell as much as 19% in extended trading, before rebounding. The stock is now down about 12% after hours.

Here are the key numbers:

  • Loss per share (EPS): $ 1.98
  • Income: $ 1.17 billion, versus an expected $ 1.48 billion, according to Refinitiv

Prior to the report, the stock had lost more than 60% of its value since late March, as a larger decline in tech stocks and cryptocurrency value hit Coinbase particularly hard. Bitcoin fallen off below the symbolic price threshold of $ 30,000 on Monday.

Monthly Retail Transaction Users (MTUs) fell to 9.2 million, down from 11.4 million in the fourth quarter, while total trading volume fell from $ 547 billion in the fourth quarter to $ 309 billion.

The company’s revenue was down 27% from a year ago and also posted a net loss of $ 430 million in the first quarter.

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