Coinbase reported a net loss of $394 million in the first quarter, with revenue down 31% year-on-year

According to The Block, Coinbase had a net loss of $394 million in the first quarter, compared to a net profit of $66 million in the same period last year. The significant drop in cryptocurrency prices resulted in an investment loss of $482 million recorded on its balance sheet. The total revenue for the first quarter was 1.41 billion US dollars, a year-on-year decrease of 31%; Transaction revenue decreased by 40% year-on-year to $756 million, while subscription and service revenue decreased by 14% to $584 million. This is Coinbase's second consecutive quarter of net loss.