Coinbase on Thursday posted a second consecutive quarterly loss of $394 million in Q1 2026, following an announcement earlier this week that it would cut 14% of its workforce.

The U.S. crypto exchange saw net revenue fall 31% to $1.4 billion in the first quarter, missing analyst expectations. Transaction revenue, which forms the core of Coinbase’s business model, dropped 40% to $756 million from the same period last year.

Coinbase stock fell more than 5% in after-hours trading following the earnings report, as investors digested both the wider-than-expected loss and the significant workforce reduction from earlier in the week. COIN was recently trading for about $182.

As the largest publicly traded cryptocurrency exchange…