Coinbase Sinks After Warning the Slide in Volume to Worsen
- Revenue, monthly transacting users numbers missed estimates
- Company says outlook for full year is “largely unchanged”
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Coinbase Global Inc. shares tumbled after first-quarter revenue missed estimates and the largest U.S. cryptocurrency exchange warned that total trading volume in the current quarter will be lower than in the first.
The company’s shares fell about 16% after the close of regular trading. Monthly transacting users fell to 9.2 million, below an estimate of 9.5 million. First-quarter revenue slumped to $1.17 billion, while analysts were expecting revenue of $1.48 billion, according to Bloomberg data.