Coinbase Q2 Earnings Highlights: Sales, EPS Miss, 40% Slide In Trading Volume
Cryptocurrency trading platform company Coinbase Global (NASDAQ:COIN) reported second-quarter financial results after market close Thursday.
Here are the highlights.
What Happened: Coinbase reported second-quarter revenue of $1.5 billion, down 26% quarter-over-quarter. The revenue missed a Street consensus estimate of $1.69 billion, according to data from Benzinga Pro.
Transaction revenue in the quarter was $764 million, down 39% quarter-over-quarter.
Subscription and services revenue was $656 million, down 6% quarter-over-quarter.
Trading volume was $237 billion in the quarter, down 40% quarter-over-quarter.
Transaction revenue was down year-over-year for both the consumer and institutional segments. The company said crypto spot volume was down 31% globally and 32% in the U.S. year-over-year.
The company ended the second quarter with $9.3 billion in USDC (CRYPTO: USDC) and $1.8 billion in crypto assets, which includes weekly Bitcoin (CRYPTO: BTC) purchases.
Adjusted earnings …
About The Author
