Coinbase Shares Plummet 13.9% on Missed Expectations and Wider Losses

Coinbase shares plummeted 13.9% after missing Wall Street expectations on both revenue and earnings. The blockchain infrastructure company reported a GAAP loss of $1.36 per share, significantly wider than anticipated.

The disappointment extended to adjusted EBITDA, which came in at $207.8 million, well below the projected $301.7 million. This marks an 18.5% year-over-year decline in revenue, falling short of the consensus forecast of $1.30 billion for the quarter.

Coinbase's shares have been volatile, with 53 moves greater than 5% over the last year. The recent sell-off indicates a significant impact on the market's perception of the business.