From CNBC, Aug 9 20224:25 PM EDT
- Coinbase's revenue declined almost 64% in the quarter as cryptocurrency prices fell.
- The exchange operator lowered its full-year forecast for transacting users.
- Coinbase said during the quarter it was trimming 18% of headcount.
Coinbase shares dropped in extended trading on Tuesday after the crypto exchange reported a loss of over $1 billion in the second quarter and missed analysts’ estimates for revenue.
Here’s how the company did:
- Earnings: Loss of $4.98 per share, vs. loss of $2.65 per share as expected by analysts, according to Refinitiv.
- Revenue: $808.3 million, vs. $832.2 million as expected by analysts, according to Refinitiv.
Coinbase’s revenue declined nearly 64% as investors exited the crypto market after last year’s dramatic run. Retail transaction revenue came in at $616.2 million, down 66% and below the $667.1 million consensus among analysts polled by StreetAccount.
Coinbase reported a $1.1 billion net loss, compared with $1.59 billion in net income in the same quarter last year, according to a letter to shareholders. One factor was a $377 million noncash cryptocurrency-related impairment charge. Coinbase’s own cryptocurrency assets at the end of June were worth $428 million, down from about $1 billion at the end of March. Over 40% of the cryptocurrency assets were in bitcoin.....
....MUCH MORE
After getting whacked for 10.55% going into the numbers yesterday the stock is down another 6% ($5.30) at $82.38 in early pre-market action.
