CoinbaseQ1 revenue fell 31% to $1.41 billion, a decline that exceeded market expectations

On May 8, just a few days after announcing mass layoffs and launching its artificial intelligence business, Coinbase (Coinbase Global Inc.) It once again highlights that its performance and destiny are highly bound to the encryption market. The company said in a statement on Thursday that first-quarter revenue fell sharply by 31% to US$1.41 billion, a drop that exceeded market expectations, mainly due to a decrease in trading activity in the digital asset market due to falling token prices. This performance continued the decline in revenue of approximately 20% in the previous three months.