Coinbase stock drops 4% after surprise 1Q miss as crypto trading slows
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Coinbase shares dropped 4% in after-hours trading following a surprise first-quarter loss and missed revenue estimates. The decline was attributed to weaker crypto markets affecting its core trading business, with transaction and subscription revenues falling short of analyst expectations. Despite cutting about 14% of its workforce, Coinbase is focusing on growth in derivatives, prediction markets, and stablecoin activities to lessen its dependence on volatile trading fees.
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