Coinbase Global Inc (NASDAQ:COIN) shares are trading lower in Tuesday's after-hours session after the company reported weak financial results.
Coinbase reported first-quarter revenue of $1.17 billion, which came in below the $1.48 billion estimate, according to data from Benzinga Pro. The company reported an earnings loss of $1.98 per share, which was down from positive earnings of $3.05 per share year-over-year.
Coinbase said adjusted EBITDA totaled $20 million in the first quarter, which was down from $1.117 billion in the prior-year quarter.
Monthly transacting users totaled 9.2 million in the first quarter, up from 6.1 million year-over-year. Coinbase said it expects monthly transacting users to be lower in the second quarter. Total trading volume is also expected to be lower in the second quarter than it was in the first quarter.
The company maintained its guidance for annual average monthly transacting users of 5 million to 15 million for full-year 2022. Coinbase said it believes current market conditions are not permanent, and the company remains focused on the long-term.
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COIN Price Action: Coinbase is making new 52-week lows on Tuesday.
The stock was down 11.6% in after-hours at $64.50 at press time.
Photo: courtesy of Coinbase.
