COINBASE billion-dollar loss amid crypto meltdown

  • 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:

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  • 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.

www.cnbc.com/2022/08/09/coinbase-coin-earnings-q2-2022.html

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