The crypto exchange cited a drop in crypto prices as a result of U.S. President Donald Trump’s tariff policy and macroeconomic uncertainty as the reason behind the weak quarter.

Coinbase shares fell as first-quarter revenue came in shy of Wall Street's expectations, despite the growth in stablecoin revenue.In the quarter ended March 31, Coinbase earned $65.6 million, or 24 cents per share,

Crypto exchange Coinbase reported a drop in first-quarter profit on Thursday as a steep rise in costs more than offset revenue growth in its transaction and subscription units, sending its shares down 3% in extended trading.