Coinbase (corner) shares have dropped almost 3% in post-commerce trade after declaring a significant drop in income in the first quarter of the year, the estimates of missing analysts, while the markets have cooled in an economic uncertainty in the United States
The Crypto Exchange said it had recorded $ 2 billion in revenues, compared to $ 2.27 billion in the fourth quarter and lower than the street estimates of $ 2.1 billion. The company also declared a profit per share of $ 0.24, missing the analyst’s average estimate of $ 1.93, according to Factst Data.
The negotiation volume dropped by 10% to 393.1 billion dollars over the quarter and transaction income reached $ 1.3 billion, about 19% less than in the fourth quarter.
“Q1 has seen an increase in the average volatility of cryptographic assets with BTC reaching a new price of all time in January. However, the prices of cryptography have dropped parallel to wider market reductions motivated by pricing policy and macroeconomic uncertainty,” Coinbase wrote in a letter to shareholders.
Analysts of JP Morgan, Barclays and Compass had all reduced their forecasts before the report on profits while the volume of trading crypto has slowed strongly since January in the midst of the uncertainties of the future of the American economy.
The Robinhood commercial platform (Hood), whose retail customers is often compared to the Coinbase trader base, a 13% drop in transactions based on transactions.
The acquisition of $ 2.9 billion in derivative derivative derivatives, however, positions it as the new leader in trading in global crypto options, overcoming binance and other rivals. This decision opens the way for a new chapter on the derivative markets – the one that investors will monitor closely.
Read more: the $ 2.9 billion derible in Coinbase deals with a legitimate threat ” for peers, say Wall Street analysts
Update (May 8, 20:43 UTC): Add an additional paragraph to the end and the drop in the course of the action.
