Coinbase Shares First Quarter Results

Cryptocurrency exchange Coinbase has announced a net loss of $430 million in the first quarter of 2022.

Coinbase Shares Its First Quarter Results. Coinbase, one of the largest cryptocurrency exchanges in the USA, reported a net loss of $ 430 million in the first quarter of 2022. According to Coinbase's shareholder letter; The firm posted a net income of $1.16 billion, below Wall Street's expectation of $1.5 billion. The following statements were included in the shareholder letter: “The first quarter of 2022 continued the trend of volatility as well as low crypto-asset prices that started in late 2021. These market conditions directly affected our first quarter results. However, we entered these market conditions with foresight and readiness. We are as excited as ever about the future of crypto.” Transaction volumes also fell to $309 billion in the first quarter of the year, compared to $547 billion in the fourth quarter of 2021. On the other hand, the decline in the shares of Coinbase continues. The COIN price dropped to $62.82 after closing the trading session yesterday, down 12.6% to 72.99.