Coinbase (Coin) shares fell almost 3% in the trade after the market after informing a significant drop in income in the first quarter of the year, estimates the missing analyst, since the markets cooled in the midst of economic uncertainty in the United States.
The exchange of encryption said it registered $ 2 billion in revenues, below $ 2.27 billion in the fourth quarter and lower than the estimates of the street of $ 2.1 billion. The company also reported earnings per share of $ 0.24, which was missing the average estimate of analysts of $ 1.93, according to FACTSET data.
The negotiation volume fell 10% to $ 393.1 billion quarters over quarter and transactions revenues reached $ 1.3 billion, approximately 19% lower than in the fourth quarter.
“Q1 saw a higher average volatility of cryptographic assets with BTC reaching a new historical price in January in January. However, cryptography prices fell along with the broader decrease in the market driven by tariff policy and macroeconomic uncertainty,” Coinbase wrote in a letter to the shareholders.
JP Morgan, Barclays and Compass Point analysts had reduced their forecasts before the profit report, since the cryptography commerce volume slowed since January amid uncertainties about the future of the US economy.
The Robinhood Trade Platform (Hood), whose clientele centered on retail trade is often compared to the Coinbase merchants base, in April reported a 13% drop in transactions -based income.
However, the acquisition of derivatives of $ 2.9 billion of Coinbase positions it as the new leader in the global cryptography options, surpassing Binance and other rivals. The measure prepares the scenario for a new chapter in derivative markets, one that investors will be observing closely.
Read more: the abandonment of $ 2.9b of Coinbase addresses a ‘legitimate threat’ for their peers, Wall Street analysts say
Update (May 8, 20:43 UTC): Add additional paragraph at the end and the decrease in the price of shares.
