Coinbase's total revenue in the first quarter was $2.03 billion, lower than analysts' expectations

Coinbase reported total revenue of $2.03 billion in the first quarter, lower than analysts' expectation of $2.11 billion; adjusted EBITDA was $929.9 million, below analysts' forecast of $971.1 million; trading revenue was $1.3 billion, slightly under analysts' expectation of $1.33 billion; subscription and service revenue was $698 million, slightly lower than analysts' projection of $702.5 million; the company expects second-quarter subscription and service revenue to be between $600 million and $680 million.