By Joe Light
Coinbase Global will report its first-quarter earnings results on Thursday after the bell. It could be the latest victim of a prolonged downturn in crypto trading.
Analysts expect the crypto trading platform to report first-quarter earnings per share of 6 cents, compared to a $2.49 per share loss last quarter and a 24-cent per-share in the first quarter of 2025. The company is expected to report $1.49 billion in revenue, against the $2.03 billion it had in the first quarter of 2025, according to FactSet.
Coinbase this year has been caught up in a broad downturn in crypto. Despite rising around 20% in the last month, the price of Bitcoin is still more than 30% below its peak last October. Coinbase stock this year is down 13.6% to $195.40.
Brokerage firm Robinhood Markets reported first-quarter earnings last week, and some analysts have said those results don't bode well for Coinbase. Robinhood said its crypto trading revenue in the first quarter fell 47%.
"After haunting HOOD last week, we believe the Crypto El Niño is likely heading towards COIN's 1Q26 results," wrote Mizuho analyst Dan Dolev in a research note this week. Mizuho has a "Neutral" rating on Coinbase stock.
Analysts expect Coinbase to post first-quarter trading volume of $222.9 billion, according to FactSet, compared to $271 billion in the fourth quarter and $393 billion in the first quarter of 2025.
Coinbase is trying to cut costs amid the trading slowdown. On Tuesday, CEO Brian Armstrong announced that the company would cut about 14% of its workforce, attributing at least some of the cuts to artificial intelligence.
The company is also trying to continue to grow the non-trading segments of its business such as the revenue from its stablecoin partnership, which in recent years has been responsible for an increasing share of its profits.
Twenty-three of the 38 analysts tracked by FactSet have the equivalent of a "Buy" rating on the stock, versus four who have a "Sell" rating, with an average target price of $239.27.
Write to Joe Light at joe.light@barrons.com
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May 07, 2026 02:00 ET (06:00 GMT)
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