In the quarter ended March 31, Coinbase earned $65.6 million, or 24 cents per share, down from $1.18 billion, or $4.40 a share a year ago. Excluding the impact of crypto investments, Coinbase’s adjusted earnings were $527 million, or $1.94 per share.

Revenue rose to $2.03 billion from $1.64 billion a year ago, but was shy of the $2.12 billion consensus estimate from LSEG.
Revenue from transactions tallied $1.26 billion in the quarter, while subscription and services revenue came in at $698.1 million in the quarter.

The company, which operates the largest cryptocurrency marketplace in the U.S., said consumer trading volume fell 17% from fourth quarter to $78.1 billion. Volume at the end of last year was elevated by the election of President Donald Trump and hopes that he would bring a more favorable regulatory environment.
Institutional trading volume fell 9% from the fourth quarter to $315 billion.

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