Coinbase recorded a net loss of $430 million in the first quarter of the year. This is evidenced by quarterly data published by the company on Wednesday, May 10. All other indicators also fall short of Wall Street's already low expectations. Result: The report accelerated the sharp fall in stocks that began in the middle of last week. Since then, securities have lost about half their value.
Crypto exchange revenue fell to $1.17 billion from $1.8 billion. Analysts had expected a fall to $1.48 billion. Loss per share was $1.98. Six months ago it was plus $3.05 per share. Analysts had assumed a much smaller maximum loss of $0.07. On average, it was even only $0.02.
Coinbase shares in free fall
The stock has lost more than 70% of its value since March, according to CNBC. Bitcoin has fallen by about 30% over the same period. Accordingly, the current bear market, which mainly affects tech stocks and cryptocurrencies, has hit Coinbase especially hard. The slide accelerated last week as bad numbers were already circulating.
Crypto exchange shows optimism
"We believe these market conditions will not last long," the board said in a quarterly report. Progress has been made, the "Coinbase NFT" has been launched, and the Coinbase wallet is gaining more acceptance. In addition, the authors emphasize, 1,200 new full-time employees have been hired.
what's next ? 🧐
(с) @dexterous
102.602 SRY