Coinbase posts net loss of $430 million for Q1 2022
Crypto exchange company Coinbase said it incurred a net loss of $430 million during 2022's first quarter.
Coinbase's shareholder letter said the firm brought in $1.16 billion in net revenue for the period.
"The first quarter of 2022 continued a trend of both lower crypto asset prices and volatility that began in late 2021. These market conditions directly impacted our Q1 results," the firm said.
Trading volumes came in at $309 billion for the period, down from Q4 2021's $547 billion.
Monthly transaction users were reported as 9.2 million, per the earnings release.
Coinbase's stock has experienced significant volatility in recent days against a broader backdrop of turbulence in US equities. On the NFT front, Coinbase began rolling out beta access to its marketplace in late April.
This breaking news story is developing and will be updated with more information.
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