Coinbase Swings to a Loss While Posting Another Revenue Drop

Just days after announcing deep job cuts and an artificial-intelligence push, Coinbase Global Inc. showed how tightly its fortunes remain tied to crypto markets.

First-quarter revenue tumbled a more-than-expected 31% to $1.41 billion, as falling token prices drained trading activity across digital asset markets, the San Fransisco-based company said in a statement on Thursday. That comes on the heels of a 20% decline in the previous three months.