Crypto trading platform Coinbase reported a surprise first-quarter loss and weaker-than-estimated revenue after the market close Thursday.

Coinbase will cut roughly 14% of its workforce, citing a combination of market volatility and the how AI is quickly changing how the company operates.

Crypto trading platform Coinbase reported a surprise first-quarter loss and weaker-than-estimated revenue after the market close Thursday.

Coinbase posted a surprise first-quarter loss on Thursday, but Citi is optimistic on the stock's long-term growth potential.