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Happy Thursday!
Coinbase reported Q1 revenue of $1.4 billion, down 31% year-over-year. Net loss was $394 million, versus a $65.6 million profit a year ago and a $667 million loss the prior quarter. Monthly transacting users fell 15% to 8.2 million. Cash and equivalents stand at $10.2 billion.
The prediction market business hit $100 million in annualized revenue as of March, which is the one bright spot in the print and worth watching as a standalone line.
Management announced a 14% headcount cut earlier in the week, around 700 people, and committed to "dynamically adjust" the expense base across market cycles while maintaining positive adjusted EBITDA. $COIN ( ▼ 2.53% ) shares are down in extended hours.
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CoreWeave: $100 billion backlog, soft Q2 guide
Revenue roughly doubled to $2 billion in Q1. Operating loss widened to $144 million. The headline figure is the revenue backlog, which reached nearly $100 billion, up from $67 billion at year-end 2025. Recent multi-year contract wins include Meta and Anthropic.
$CRWV ( ▼ 6.62% ) now has more than 1 gigawatt of active power and is guiding to 8 gigawatts by 2030. Management guided Q2 revenue and operating income below consensus while reiterating the full-year outlook.
Airbnb: growth reaccelerates to 18%
Q1 revenue growth came in at 18%, an acceleration from 10% in each of the prior two quarters. The company guided Q2 revenue growth to 14% to 16%, with nights booked decelerating. Management cited Middle East conflict cancellations affecting Europe and Asia as the proximate drag.
Full-year guidance was raised to "low to mid teens" revenue growth, against 10% growth in 2025. That is the more important data point. The Q2 deceleration is being framed as transitory geopolitical noise, and the full-year raise suggests management has visibility into the back half holding up.
