Coinbase stock falls after 6-hour outage and weak Q1 results

Coinbase experienced a major service outage lasting over six hours, disrupting trading and account management. This occurred shortly after the company reported a $394.1 million net loss in Q1 2026, reflecting a slowdown in crypto trading and a 40% drop in transaction revenue. The outage may be linked to issues at Amazon's Virginia data centers. In response to the challenging market, Coinbase has cut 700 jobs and plans to reduce operating expenses by over 30% while exploring AI opportunities.