Coinbase Global (NASDAQ:COIN) reported first-quarter financial results Thursday after market close.
Here are the highlights.
Coinbase Q1 Financials
Coinbase reported first-quarter revenue of $1.41 billion, down 31% year-over-year. The revenue total missed a Street consensus estimate of $1.53 billion, according to data from Benzinga Pro.
Transaction revenue was $756 million in the first quarter, down 40% year-over-year. Subscription and Services revenue was $584 million in the quarter, down 14% year-over-year.
The company reported an adjusted loss of 17 cents per share, missing a Street consensus estimate of 29 cents per share.
Prediction markets are called out by the company as one of the fastest products from Coinbase ever, hitting $100 million in annualized revenue in less than two months.
Coinbase had all-time highs for crypto trading volume market share in the first quarter, reaching 8.6%.
The company now has 12 product lines that generate $100 million in annualized revenue, with prediction …
