Overview
- The crypto exchange reported Thursday a $394.1 million first‑quarter net loss on $1.41 billion in revenue, missing Wall Street forecasts.
- Transaction fees, which rise and fall with crypto prices and volatility, dropped about 40% year over year to $755.8 million as market activity cooled.
- Coinbase booked roughly $482 million in mark‑to‑market losses on crypto it holds, which weighed on GAAP results, though adjusted EBITDA remained positive at about $303 million.
- Management highlighted progress in newer lines seen as steadier, including about $305 million in USDC stablecoin revenue, a 169% jump in trailing‑12‑month derivatives volume, and prediction markets topping a $100 million annualized run rate.
- Earlier in the week the company cut about 700 jobs, roughly 14% of staff, in an AI‑focused restructuring to lower costs, and after the report shares fell 4% to 5% in late trading as analysts trimmed price targets.