Coinbase reported first quarter revenue of $1.41 billion and a net loss of $1.49 per share, missing consensus estimates amid a challenging crypto market. The company cited macro headwinds and low volatility, which impacted both transaction revenue and the subscription and services segment.
Key Highlights
- Transaction revenue fell 23% quarter-over-quarter to $756 million, as total crypto trading volumes market-wide declined by over 20%.
- Subscription and services revenue also missed expectations, declining 16% sequentially to $584 million, though it still comprised 44% of net revenue.
- Despite a GAAP net loss of $394 million, the company generated positive Adjusted EBITDA of $303 million, marking its 13th consecutive quarter of positive results on that metric.