
Coinbase (COIN) earnings Q1 2022
Monitors display Coinbase signage during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York, US, on Wednesday, April 14, 2021.
Michael Nagle | Bloomberg | Getty Images
Coinbase reported first-quarter earnings that missed analyst estimates after the bell on Tuesday. 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
- Revenue: $1.17 billion, versus $1.48 billion expected, according to Refinitiv
Before the report, the stock had lost more than 60% of its value since late March, as a broader slide in tech stocks and the value of cryptocurrencies hit Coinbase particularly hard. Bitcoin dropped below the symbolic price threshold of $30,000 on Monday.
Retail monthly transaction users (MTUs) fell to 9.2 million, down from 11.4 million in the fourth quarter, while total trading volume dropped from $547 billion in Q4 to $309 billion.
The company’s revenue dropped 27% from a year ago, and it also reported a net loss of $430 million in the first quarter.
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