Coinbase shares drop 7% after $359.5 million Q2 loss
What's new: The crypto exchange missed Wall Street estimates for both revenue and earnings for a third straight quarter.
Coinbase shares fell more than 7% in after-hours trading after the U.S. crypto exchange posted a wider-than-expected second-quarter loss and lower revenue. The company reported a loss of $359.5 million, or $1.36 a share, for the quarter ended June 30, compared with a profit of $1.43 billion, or $5.14 a share, a year earlier. Revenue fell to $1.2 billion from $1.5 billion and also came in below analyst estimates. Transaction revenue dropped 21% to $599 million, while subscription and services revenue slipped to $555.1 million. The results extended Coinbase's streak of quarterly misses as weaker crypto trading volumes and outflows from bitcoin investment products weighed on the business.