Crypto exchange company Coinbase said it incurred a net loss of $430 million during 2022's first quarter.
Coinbase's shareholder letter said the firm brought in $1.16 billion in net revenue for the period. The Wall Street estimate for revenue was just under $1.5 billion for the quarter.
Q4 2021's net revenue figure came in at $2.49 billion, as previously reported by The Block.
"The first quarter of 2022 continued a trend of both lower crypto asset prices and volatility that began in late 2021. These market conditions directly impacted our Q1 results," the firm said. "But, we entered these market conditions with foresight and preparation, and remain as excited as ever about the future of crypto."
Trading volumes came in at $309 billion for the period, down from Q4 2021's $547 billion.
Monthly transaction users were reported as 9.2 million, per the earnings release. Coinbase said in its letter that the decline in this user count was anticipated.
In the letter, Coinbase said that "we believe these market conditions are not permanent and we remain focused on the long-term." The firm said future plans include continued investments in its wallet and NFT-related services.
Coinbase's stock has experienced significant volatility in recent days against a broader backdrop of turbulence in US equities. On the NFT front, Coinbase began rolling out beta access to its marketplace in late April.
The price of $COIN is falling as of update time in after-hours trading, declining to $62.82 after closing the Tuesday trading session down 12.6% to $72.99.
This breaking news story is developing and will be updated with more information.
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