Coinbase posts steep first-quarter loss after slide in crypto prices

Coinbase posted lower-than-expected results for the first quarter as crypto prices fell, weighing on one of the companies' major revenue drivers — spot trading in digital assets . Here's how Coinbase performed in its quarter ended March 31, compared with what Wall Street was expecting, based on a survey of analysts by LSEG: Earnings per share: $1.49 loss vs. 27 cent profit (estimated) Revenue: $1.41 billion vs. $1.52 billion (est.) The company, which operates the largest cryptocurrency marketplace in the U.S., posted transaction revenue of $755.8 million versus $805.2 million expected by analysts. Subscription revenue came in at $583.5 million versus $619.3 million expected. Investors were bracing for a sharp slowdown in trading volume given the crypto price slump at the start of the year. Bitcoin rose 12% in March, but posted a 22% decline in the first quarter. Coinbase, known largely for its cryptocurrency trading platform, is trying to diversify its revenue streams through its subscription and services business, which includes revenue from stablecoins and staking. Investors are looking for evidence that Coinbase can still make money when trading dries up. They are also hoping for a progress report on when the company's non-transaction businesses will be large enough to offset the cyclicality of transaction fees during slowdowns. …