Coinbase shares recovered 10 percent from session lows on Friday following a weaker-than-expected first-quarter report and a multi-hour trading outage tied to Amazon Web Services failures. Bitcoin held above $80,000 while several altcoins posted gains of 5 to 12 percent.
Coinbase reported a net loss of $394.1 million for the quarter ended March 31, or $1.49 per share, compared with analyst expectations for a profit. Revenue totaled $1.41 billion, below forecasts of $1.52 billion, as consumer spot trading volume fell 35 percent from the prior quarter. The company also announced a 14 percent workforce reduction of roughly 660 positions earlier in the week.
