Coinbase stock slumps as Q1 earnings miss estimates on soft market environment

May 7, 2026

Coinbase Global (COIN) was trading lower as first-quarter earnings fell short of expectations on the back of a soft market environment.

Shares were 3.81% down to $185.60 during post-market trading on Thursday.

Net loss per diluted share was $1.49, compared to an income of $0.24 in the year ago. The metric fell short of the Visible Alpha consensus estimate of -$0.07.

Adjusted EBITDA dipped to $303.3M from $929.9M, against the $415.1M consensus.

Revenue reached $1.41B from $2.03B in the same period a year ago. The figure was below the consensus of $1.51B.

Transaction revenue fell 40% year-over-year to $755.8M, compared to the $806.24M consensus. Subscription and services revenue was down 14% to $583.5M, below the expectations of $630.24M.

For the second quarter, Coinbase expects subscription and services revenue to be in the range of $565M-$645M, below the consensus of $661.80M.

The crypto exchange reported a loss of $482.4M on crypto assets held for investment, compared to the year-ago loss of $596.7M.

Stablecoin revenue and revenue on corporate balances edged up to $324M during the quarter from $298M a year ago.

“The market environment this quarter was softer, but the underlying fundamentals of our business remain strong,” said CFO Alesia Haas.

“We’ve now delivered 13 consecutive quarters of positive adjusted EBITDA spanning both bull and bear markets, alongside 12 consecutive quarters of native unit inflows. And we’re growing new revenue streams, with 12 product lines each generating over $100M annualized, and prediction markets on their way to becoming the 13th,” said Haas.

Earnings call is scheduled for 2:30 PM PT today.