Key facts
- Coinbase reported Q2 revenue of $1.22 billion, missing analyst expectations of $1.29 billion.
- The company posted a net loss of $359 million for the quarter.
- Subscription and services revenue was $555 million, below the company's forecast.
- Total crypto spot trading volume declined more than 20% from the previous quarter.
- Coinbase's crypto trading market share reached a record 10.3%.
Coinbase shares fell approximately 5% in after-hours trading after the company reported second-quarter revenue of $1.22 billion, missing analyst expectations of $1.29 billion. The crypto platform also posted a net loss of $359 million for the quarter. Subscription and services revenue totaled $555 million, below the company's forecast, while transaction revenue was $599 million, also short of expectations. The decline in revenue was attributed to a more than 20% drop in total crypto spot trading volume from the previous quarter, as crypto asset prices fell and market volatility reached multi-year lows. Despite the miss, Coinbase's crypto trading market share reached a record 10.3% during the quarter. The company ended the quarter with $8.6 billion in cash and cash equivalents.