Coinbase posted lower-than-expected results for the first quarter as crypto prices fell, weighing on one of the companies' major revenue drivers — spot trading in digital assets .

Here's how Coinbase performed in its quarter ended March 31, compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: $1.49 loss vs. 27 cent profit (estimated)

Revenue: $1.41 billion vs. $1.52 billion (est.)

Coinbase shares were recently down 4% in postmarket trading.

The company, which operates the largest cryptocurrency marketplace in the U.S., posted transaction revenue of $755.8 million versus $805.2 million expected by analysts. Subscription revenue came in at $583.5 million versus $619.3 million estimated.

Investors were bracing for a sharp slowdown in trading volume given the crypto price slump at the start of the year.…