Coinbase stock crashes amid prolonged outages
Coinbase (NASDAQ: COIN) stock continues to drop after the crypto exchange went through a major service disruption.
The outage, which lasted more than six hours, disrupted several core platform functions, leaving users unable to access trading services, manage their portfolios, and complete other account-related operations.
Expectedly, the disruption has drawn significant attention across the digital asset sector, given Coinbase’s reputation as a leading crypto exchange platform.
An early Reuters report implied the problem could be related to similar issues with Amazon’s (NASDAQ: AMZN) data center zones in Virginia.
At press time, COIN shares were down 2.53% on the daily chart and an additional 2.57% in pre-market on May 8, where they sat at $188.
24-hour COIN stock price. Source: Google Finance
Coinbase hit by outages following mixed quarterly reports
The outage also came shortly after Coinbase reported a first-quarter net loss of $394.1 million, compared to a profit of $65.6 million a year earlier. Unsurprisingly, the results reflect a broader slowdown in crypto trading activity that weighed on the sector in early 2026.
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“Macro conditions were genuinely tough. Total crypto market cap and total crypto trading volume were both down more than 20% quarter-over-quarter,” Chief Financial Officer Alesia Haas said during the company’s earnings call.
Moreover, transaction revenue, one of the core income drivers for the platform, declined no less than 40% year-over-year due to lower crypto market capitalization and trading volumes.
In response, Coinbase announced a number of cost-cutting measures, including layoffs and new overseas business strategies. Overall, management aims for over 30% operating expense reduction.
Earlier this week, Coinbase already cut approximately 700 jobs (14% of its global workforce), attempting to trim costs and reposition itself as it prepares to explore artificial intelligence (AI).
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