Coinbase Bets Big on Bitcoin but Stumbles in Earnings—Is This the Turning Point Investors Can’t Ignore?
Coinbase reported weaker-than-expected second-quarter results on Thursday, sending its stock down more than 7% in post-market trading, according to Yahoo Finance data.
While the company posted $1.4 billion in net income under GAAP, bolstered by gains on crypto and strategic investments, its adjusted net income fell sharply to $33 million, down from $524 million in Q1.
The results came as trading volumes slumped across the board. Total revenue dropped to $1.5 billion, down 26% from the previous quarter. Transaction revenue fell 39% to $764 million, with consumer volumes down 45% and institutional volumes off 38%.
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