cnbc_topnews

Coinbase shares fall after crypto exchange posts disappointing second-quarter results

📰 source: cnbc_topnews · 💼 business

coinbase shares fell over 7% in extended trading thursday after reporting a wider-than-expected loss of $1.36 per share for q2, versus analyst expectations of a 17-cent loss. revenue came in at $1.2 billion, missing the $1.3 billion estimate. it's the third straight quarter coinbase has missed wall street's revenue and earnings forecasts.

the net loss was $359.5 million, compared to a profit of $1.43 billion a year earlier. revenue dropped from $1.5 billion. despite the miss, subscription revenue grew to $555 million, offering a bright spot as the company diversifies beyond core trading. however, both subscription and transaction revenue fell below expectations. stablecoin revenue unexpectedly dropped to $292 million.

ceo brian armstrong touted an all-time high market share in crypto trading, arguing that coinbase is no longer just a bet on bitcoin's price. the broader crypto winter and range-bound bitcoin prices weighed on results.

why it matters: coinbase's ongoing earnings misses reflect persistent crypto winter headwinds, but subscription growth signals early diversification progress.

source: cnbc_topnews
sentiment: -0.60 · impact: 0.50

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'I lost $14,000 in a month': Investors hit by Korean stock market's wild swings

These charts show why stocks keep rallying. Profit margins are the highest on record

Workday shares post best day in 10 years on Silver Lake takeover report

Trade court upholds Trump's closure of 'de minimis' loophole