Earlier this week, the Equity podcast noted the chaotic price movements ofcryptocurrencies and predicted that the path forward for startups in the web3ecosystem could be complicated. The logic said that if the numbers were strong, it would calm the concern about another winter ofCryptocurrencies.
That didn't happen.
The former public-market darling's shares fell further beneath the $100 per-share mark after its first-quarter earnings report sent its already-depressed stock tumbling. That is far below the all-time high the stock touched last year.
The stock opened at just $54.66, down 25% from yesterday's close.
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As UST burns and othercryptocurrencies face extreme selling pressure, we will examine the results and what went wrong with the business in the first quarter.
Crypto bulls will dismiss any criticism of the company’s performance as a blip in the larger progression of crypto. For the rest of us, the report makes for a useful lens for scoping the current state of the consumer crypto market. Let’s go!
In the first quarter, the company's revenues dipped 27% to $1.17 billion from a year earlier, and operating expenses more than doubled to $1.72 billion. In the first quarter, the company had 4,948 full-time employees, up from 3,730 at the end of last year and 1,717 at the beginning of this year.
The company reported less revenue in the fourth quarter than it did in the third.
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