Coinbase reports financial results that fall short of Wall Street expectations for a third consecutive quarter, and its shares decline following the announcement. In the latest quarter, the company’s revenue comes in at about $1.2 billion, below analysts’ forecast of roughly $1.3 billion. Both revenue and earnings miss expectations, continuing a pattern of weaker-than-anticipated performance. The company points to conditions in the broader crypto market, which remains under pressure, as a factor weighing on trading activity. With lower activity, revenue generated from trading-related services and related activity declines. Multiple outlets note that the results come after a crypto market downturn that reduces participation and volume across exchanges, which in turn affects Coinbase’s reported performance. Investors react negatively to the guidance implied by the results, contributing to a sharp drop in the stock price after the report. Overall, the news highlights a continuing mismatch between Coinbase’s quarterly performance and market expectations amid a softer crypto trading environment.