Crypto exchange Coinbase has released its earnings for the first quarter of 2022, and it’s safe to say the results missed analyst estimates.

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The company disclosed that it generated $1.17 billion in revenue, a lot less than the $2.5 billion recorded in Q4 2021 and far below analysts' Q1 predictions of $1.5 billion.

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Coinbase also reported a quarterly net loss of $430 million during 2022's first quarter, compared with a profit of $840 million in the fourth quarter. Additionally, Coinbase totalled 9.2 million transacting users, missing analyst estimates of 9.9 million.

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“We believe these market conditions are not permanent, and we remain focused on the long-term,” the company wrote in a positive letter to shareholders following its earnings release. It also stated it plans to focus on opportunities crypto offers beyond trading:

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“While we continue to invest and enhance our core investment platform, the application era of crypto is upon us, led by NFDs and decentralized finance, and we are increasingly focusing our efforts on these market opportunities.”

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