What to know : Coinbase shares fell about 4% in after-hours trading after the company posted a surprise first-quarter loss and missed Wall Street revenue estimates. Weaker crypto markets dragged down Coinbase’s core trading business, with both transaction and subscription-and-services revenue coming in below analyst expectations. Even as it cuts roughly 14% of its workforce, Coinbase is leaning on growth in derivatives, prediction markets and stablecoin activity to reduce its reliance on volatile trading fees.
Coinbase (COIN) shares fell about 4% in after-hours trading Thursday after the crypto platform reported weaker-than-expected first-quarter results as falling crypto prices weighed on trading activity, one of the company’s main sources of revenue.
The company posted a loss of $1.49 per share, compared with analyst expectations for a 27-cent profit. Revenue came in at $1.41 billion, below estimates of $1.52 billion.
Transaction revenue totaled $755.8 million, missing analyst expectations of $805.2 million. Subscription and services revenue, a segment investors closely watch as Coinbase tries to reduce its reliance on trading fees, totaled $583.5 million, below expectations of $619.3 million.
Crypto markets weakened sharply as bitcoin and other digital assets fell. Lower prices and reduced volatility typically lead to weaker spot trading volumes across exchanges. Investors had expected a slowdown after the crypto selloff early in the quarter, even though bitcoin rebounded roughly 12% in March.
Coinbase has spent the past several years expanding beyond its core trading business into stablecoins, staking, derivatives and blockchain infrastructure. The company said Wednesday that its global crypto trading volume market share rose to 8.6%, a record high, driven partly by growth in derivatives trading.
Trailing 12-month derivatives trading volume increased 169% year over year, while retail derivatives revenue surpassed an annualized run rate of $200 million for the first time, Coinbase said.
The company also pointed to growth in prediction markets and stablecoin activity. Coinbase said its prediction markets business surpassed $100 million in annualized revenue within its first two full months following its U.S. launch.
Meanwhile, Coinbase said its Base blockchain processed 62% of global onchain stablecoin transaction volume during the quarter.
Earlier this week, Coinbase said it would cut about 700 jobs, or roughly 14% of its workforce, as part of an AI-driven restructuring effort. The company also cited the broader crypto downturn as a factor behind the layoffs.
Investors are increasingly focused on whether Coinbase’s subscription and infrastructure businesses can offset the cyclical swings of crypto trading revenue during weaker markets.
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