Coinbase Q1 revenue of $1.41B misses estimates

Coinbase (COIN) reported first-quarter total revenue of $1.41 billion, falling short of the market consensus of $1.52 billion. Trading revenue came in at $758 million, below the expected $805 million. Subscription and services revenue was $583 million, also missing the forecast of $619 million despite efforts to reduce reliance on transaction fees. Media outlets attributed the weaker-than-expected results to declining cryptocurrency prices, which negatively impacted trading activity and investor sentiment. COIN is currently trading at $184.15 in after-hours trading, down 4.57%.