- Coinbase’s revenue declined almost 64% in the quarter as cryptocurrency prices fell.
- The exchange operator lowered its full-year forecast for transacting users.
- Coinbase said during the quarter it was trimming 18% of headcount.
Coinbase shares dropped in extended trading on Tuesday after the crypto exchange reported a loss of over $1 billion in the second quarter and missed analysts’ estimates for revenue.
Here’s how the company did:
- Earnings: Loss of $4.98 per share, vs. loss of $2.65 per share as expected by analysts, according to Refinitiv.
- Revenue: $808.3 million, vs. $832.2 million as expected by analysts, according to Refinitiv.
Coinbase’s revenue declined nearly 64% as investors exited the crypto market after last year’s dramatic run. Retail transaction revenue came in at $616.2 million, down 66% and below the $667.1 million consensus among analysts polled by StreetAccount.
https://www.cnbc.com/2022/08/09/coinbase-coin-earnings-q2-2022.html
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