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Coinbase Q1 earnings miss analysts' expectations

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Yahoo finance Dan Howley joined Yahoo Financ Live to break down Coinbase's first earninigs report since going public.

Video Transcript

SEANA SMITH: All right, we are going to try Coinbase earnings with Dan Howley once again. Dan, what do you have for us?

DAN HOWLEY: That's right. Sorry about that. What we have here is a slight miss on revenue and earnings per share. Originally, there was expectations of $1.81 billion for revenue. The company came in at $1.80 billion. And then in earnings per share, we have $3.05. The expectation was $3.09. And obviously, this news comes as we saw that Binance is under investigation by the Justice Department and IRS for potential misdeeds as far as taxes go, and money laundering really the big deal for Coinbase. Obviously, it's meant to insulate investors from the ups and downs of cryptocurrencies.

We've seen that throughout the week as far as Bitcoin goes. Obviously, the big news from Elon Musk that Tesla would not be accepting it for payments on Tesla vehicles because of the environmental impact that mining has and then his comments over the weekend on Saturday Night Live about Dogecoin, calling that, basically, a hustle, that setting prices of Dogecoin down. So, obviously, big news going on in the crypto space, but again, a miss on the top and bottom line for Coinbase.

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