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Coinbase Global Inc (NASDAQ: COIN) missed quarterly expectations on Tuesday after a dramatic fall in cryptocurrencies.
Shares of the U.S. crypto exchange fell more than 15% in after-hours trading.
Revenue of the company fell 27% to $1.17 billion in the first quarter from a year ago. Retail monthly transaction users (MTUs) also fell to 9.2 million in the quarter, compared to 11.4 million in the fourth quarter.
Total trading volume dropped to $309 billion from $547 billion in the prior quarter.
The most popular cryptocurrency Bitcoin is down 30% this year and fell $30,000-mark on Monday. Coinbase’s stock has lost 70% of its market value amid crypto downfall.
“We believe these market conditions are not permanent and we remain focused on the long-term,” the company wrote in a letter to shareholders.
“While we continue to invest and enhance our core investment platform, the application era of crypto is upon us, led by NFDs and decentralized finance, and we are increasingly focusing our efforts on these market opportunities.”
Picture Credits: Getty Images
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