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2w ago

Coinbase Shares Fall 7% After Q2 Revenue Miss

Revenue of $1.5 billion fell short of forecasts with net income bolstered by one-off investment gains.

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Coinbase stock tumbles 7% after disappointing q2 results
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Overview

  • Coinbase reported Q2 revenue of $1.5 billion, missing FactSet’s $1.59 billion consensus and pushing shares down about 7%.
  • Transaction revenue plunged 39% quarter-on-quarter to $764 million as trading volumes softened.
  • Net income rose to $1.43 billion, up from $36 million a year earlier, on a $1.5 billion gain related to its Circle stake and $362 million from its investment portfolio.
  • Adjusted earnings per share of $1.96 topped LSEG’s $1.26 estimate, driven by non-trading income.
  • Retail trading volume grew 16% year-on-year to $43 billion but fell short of StreetAccount’s $48.05 billion projection as Coinbase expanded ETF custody, staking and its Base network.