Just days after announcing deep job cuts made to manage costs in volatile markets and to harness advances in artificial intelligence, Coinbase Global Inc. showed how substantially a lingering crypto bear market can weigh on results.

First-quarter revenue tumbled a more-than-expected 31% to $1.41 billion, as falling token prices drained trading activity across digital asset markets, the San Fransisco-based company said in a statement on Thursday. That comes on the heels of a 20% decline in the previous three months.