Coinbase’s (COIN) shares fell by as much as 4% in Friday’s pre-market session, extending the roughly 3% loss the previous day. The American crypto exchange is being hit on two sides: a first-quarter earnings miss and an outage from Amazon Web Services (AMZN) that has disrupted trading on its platform.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
During the first three months of this year, the digital infrastructure company saw its revenue fall by 31% year-over-year to $1.41 billion, missing the Wall Street consensus of $1.49 billion. Coinbase also swung from a GAAP profit of 24 cents per share a year ago to a net loss of $1.49 per share, falling far short of analysts’ estimate of a profit of 36 cents per share.