Coinbase revenue drops 27% from a year ago, stock slides

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Monitors display Coinbase signage during the company's initial public offering (IPO) at the Nasdaq MarketSite in New York, U.S., on Wednesday, April 14, 2021.

Michael Nagle | Bloomberg | Getty Images

Coinbase reported first-quarter earnings that missed analyst estimates after the bell on Tuesday. Shares fell as much as 19% in extended trading, before rebounding. The stock is now down about 12% after hours.

Here are the key numbers:

Loss per share (EPS): $1.98Revenue: $1.17 billion, versus $1.48 billion expected, according to Refinitiv

Before the report, the stock had lost more than 60% of its value since late March, as a broader slide in tech stocks and the value of cryptocurrencies hit Coinbase particularly hard. Bitcoin dropped below the symbolic price threshold of $30,000 on Monday.

Retail monthly transaction users (MTUs) fell to 9.2 million, down from 11.4 million in the fourth quarter, while total trading volume dropped from $547 billion in Q4 to $309 billion.

The company's revenue dropped 27% from a year ago, and it also reported a net loss of $430 million in the first quarter.

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