(Coinbase) Shares of Coinbase traded 17% lower on Wednesday after the first quarter of 2022 revenues came at $1.17 billion, lower than estimates of $1.48 billion. The revenue was 27% lower than last year.
Coinbase said that its retail monthly transaction users were 92 million, declining from 11.4 million in the last quarter. The total trading volume on the platform was down from $309 billion in the first quarter to $547 billion.
The net loss of the company was reported at $430 million, which also exceeded estimates of a lower loss of $47 million.
The exchange’s outlook came lower, with the company saying it expects the MTU in the second quarter to be lower than the first quarter. The total trading volume is also expected to fall.
For FY22, Coinbase expects an average MTU of between 5.0 million to 15 million, the same as the prior outlook. The average transaction revenue per user is expected to get to the pre-2021 levels in the year.
COIN: NASDAQ is down -17.45% on premarket.
