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Here's Why Coinbase Stock Crashed Today

TheMotleyFool

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Here's Why Coinbase Stock Crashed Today: https://g.foolcdn.com/editorial/images/679482/investor-gettyimages-1151342851.jpg

Shares of Coinbase Global (NASDAQ: COIN) plunged 26% on Wednesday after the digital asset trading platform reported an unexpected loss in the first quarter.

Coinbase generated net revenue of nearly $1.2 billion. That represented a decline of 27% year over year and 53% sequentially. It was also significantly below Wall Street's estimates, which had called for revenue of almost $1.5 billion.

The brutal downturn in the cryptocurrency market in recent months has weighed heavily on Coinbase's business. The exchange operator's monthly transacting users declined by 19% compared to the fourth quarter. Its trading volume, in turn, fell 44% to $309 billion.

Source Fool.com

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