Coinbase Global, Inc (NASDAQ: COIN) was plummeting over 24% in the premarket on Wednesday after printing abysmal first-quarter earnings.
For the quarter, the cryptocurrency trading app reported a loss of $1.98 per share on revenues of $1.17 billion, which badly missed the consensus estimate of EPS of 17 cents on revenues of $1.48 billion.
Coinbase also reported a 44% decline in crypto trading transactions for the quarter, which the company attributed to dwindling cryptocurrency prices. Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) have lost 37% and 40%, respectively, since opening on Jan. 1 and the majority of retail traders in the crypto space, like in stocks, prefer bullish positions.
On Wednesday, analysts began to weigh in on Coinbase. Needham maintained a Buy …
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