Crypto exchange Coinbase reported a drop in first-quarter profit on Thursday as a steep rise in costs more than offset revenue growth in its transaction and subscription units, sending its shares down 3% in extended trading.

Coinbase shares fell as first-quarter revenue came in shy of Wall Street's expectations, despite the growth in stablecoin revenue. In the quarter ended March 31, Coinbase earned $65.6 million, or 24 cents per share,

Crypto exchange Coinbase reported a drop in first-quarter profit on Thursday as costs rose. The company earned adjusted net income of $526.6 million, or $1.94 per share, for the three months ended March 31,