Shares of Coinbase COIN had been down 24% in premarket buying and selling Wednesday after sliding about 13% in Tuesday’s normal session.

Coinbase’s internet income for its first quarter fell to $1.17 billion from $1.60 billion a 12 months before, whilst analysts had been modeling $1.50 billion.

The organisation had 9.2 million month-to-month transacting users, in contrast with 11.4 million in the December quarter.

The organisation additionally posted a first-quarter internet loss of $430 million, or $1.98 a share, in contrast with internet earnings of $388 million in the year-prior quarter.

Coinbase had before set out to make 2022 an “investment year,” and the organisation continues to prioritize funding spending amid a extra difficult local weather for the business.

“We are exceptionally assured that we should pick out profitability over reinvesting in the business,” CFO Alesia Has stated on Coinbase’s revenue call

For the 2d quarter, Coinbase expects that month-to-month transacting customers will be lower than what used to be considered in the first quarter.

 Coinbase additionally anticipates that subscription and offerings income will  modestly decrease than what the enterprise noticed in the first quarter.