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Coinbase Global (NASDAQ:COIN) reported weaker-than-expected first-quarter financial results Thursday after market close.
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. The company reported an adjusted loss of 17 cents per share, missing a Street consensus estimate of 29 cents per share.
“We executed well on what was in our control in Q1,” Coinbase CEO Brian Armstrong said. “We saw huge growth in derivatives trading volume, driven by our Everything Exchange.”
Company guidance is that second-quarter subscription and services …
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