Coinbase Shares Plummet After Q1 Earnings Miss, Wall Street Price Target Cuts

Coinbase shares plummeted by up to 3% in pre-market trading after a string of Wall Street price target cuts following its Q1 earnings report.

The company posted a quarterly loss of $1.49 per share, missing analyst estimates of $0.04 per share and revenue expectations of $1.47 billion, which came in at $1.41 billion.

All four firms, Clear Street, Barclays, Piper Sandler, and Bank of America, lowered their price targets on Coinbase after the earnings report, with some citing weaker subscription and services revenue and higher technology and development spending as contributing factors to the miss.