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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.
Coinbase reported a $1.1 billion net loss, compared with $1.59 billion in net income in the same quarter last year, according to a letter to shareholders. One factor was a $377 million noncash cryptocurrency-related impairment charge. Coinbase’s own cryptocurrency assets at the end of...
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