(AP) -- Cryptocurrency trading platform Coinbase has lost half its value in the past week, including its biggest one-day drop ever on Wednesday as the famously volatile crypto market weathers yet another slump.
Coinbase reported a $430 million net loss in the first quarter, or $1.98 per share, on declining sales and active users. Analysts were expecting profit of 8 cents per share. Revenue was down as trading volumes fell, and active monthly users declined 19% from the fourth quarter.
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It’s unlikely those results surprised investors — Coinbase shares declined 43% in the four days leading up to their earnings release Tuesday. On Wednesday, shares fell 27%, to $53 per share. On the day of its initial public offering just 13 months ago, prices hit $429 per share.