Coinbase Reports Q1 Revenue Decline Despite Market Share Gains

Crypto exchange Coinbase’s revenue fell 10% year-over-year to $2 billion in the first quarter, missing industry expectations. This drop is attributed to decreased trading activity across the market and a paper loss of $596 million on its crypto holdings, significantly impacting net income. Despite this downturn, Coinbase managed to exceed earnings per share estimates with a figure of $1.94.