Coinbase reels as cryptocurrency prices slump
CBSN
Cryptocurrency trading platform Coinbase has lost half its value in the past week, including its biggest one-day drop to date on Wednesday as the famously volatile crypto market weathers yet another slump.
Coinbase reported a $430 million net loss in the first quarter, or $1.98 per share, on declining sales and active users. Analysts were expecting profit of 8 cents per share. Revenue was down as trading volumes fell, and active monthly users declined 19% from the fourth quarter.
"The first quarter of 2022 continued a trend of both lower crypto asset prices and volatility that began in late 2021," the company said in a regulatory filing. "These market conditions directly impacted our results for the first quarter of 2022."
More Related News