BlockBeats reports that on May 9, the U.S. cryptocurrency exchange platform Coinbase announced its first-quarter financial results on Thursday afternoon, as trading activity had retreated from the high levels seen after the 'election market' in the previous quarter, resulting in both revenue and profit falling short of market expectations.
As of March 31, the company reported an adjusted net profit of $527 million for the first quarter. Earnings per share were $0.24, significantly lower than the market expectation of $1.93. Total revenue of $2 billion was slightly below the expected $2.12 billion, down from $2.3 billion in the fourth quarter of 2024. Due to a 10% decline in trading volume, first-quarter trading revenue fell 19% to $1.2 billion.
At the end of this quarter, Coinbase held $9.9 billion in cash reserves, an increase of about $600 million quarter-over-quarter. Coinbase's stablecoin revenue was $197 million, down from $226 million in the previous quarter.
Coinbase's stock price fell 2.5% to $201 in after-hours trading. The stock has dropped about 19% so far in 2025, and the decline over the past year is approximately 2%.
