Overview
- Coinbase, which reported results Thursday after the close, posted a net loss of $394.1 million, or $1.49 per share, marking a second straight quarterly loss.
- Transaction revenue fell about 40% to $756 million as lower coin prices and investors moving to safer assets cut trading on the platform.
- Shares slipped about 4% in after-hours trading after the company released the results.
- Earlier this week, the company said it will cut about 14% of its workforce and lean on AI tools to streamline operations in response to tough market conditions.
- Coinbase is lobbying in Washington to preserve the ability to pay interest on stablecoin balances, a policy that could support revenue from USDC reserves when trading slows.