Coinbase stock drops 4% after surprise 1Q miss as crypto trading slows

The crypto platform missed earnings and revenue estimates as falling digital asset prices weighed on trading activity and investor sentiment. 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.(Coindesk)