Coinbase Swings to a Loss While Posting Another Revenue Drop

Just days after announcing deep job cuts made to manage costs in volatile markets and to harness advances in artificial intelligence, Coinbase Global Inc. showed how substantially a lingering crypto bear market can weigh on results.

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.