Coinbase Global Inc. (COIN) reported first-quarter revenue that missed analysts' estimates, while total trading volume declined from the fourth quarter.
According to FactSet, first quarter revenue was $1.17 billion versus the consensus estimate of $1.5 billion.
Trading volume was $309 billion in the first quarter, below estimates of $331.2 billion and below the fourth quarter's $547 billion. The number of monthly trading users (MTUs) was 9.2 million, down from 11.4 million in Q4 and analyst estimates of 9.9 million.
Wall Street lowered its expectations for Coinbase ahead of the earnings release, as the exchange previously said it expects lower trading volume in the first quarter due to a decline in cryptocurrency volatility and macroeconomic factors.
Shares fell about 11% in after-hours trading. Shares of Coinbase are down 71% year to date and more than 50% in the last month alone as cryptocurrency prices have fallen.
The company will hold a conference call with analysts at 5:30 pm ET to discuss Q1 results.
This is a developing story and will be updated.