Coinbase Posts Second Straight Quarterly Loss
The cryptocurrency exchange recorded a net loss of $394.1 million for the first quarter as market volatility and macroeconomic uncertainty dampened investor appetite. Transaction revenue fell 40% from the previous year while the company reduced its workforce to manage costs during the downturn.
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COINBASE GLOBAL INC -CLASS A reported a net loss of $394.1 million for the quarter ended March 31. This marks a second consecutive quarterly loss as shares fell 5% in late evening trading. Fading trading momentum and tighter financial conditions are testing the exchange's ability to generate revenue during market downturns.
