The crypto exchange missed revenue and earnings estimates for the third straight quarter amid a sluggish bitcoin market and macro pressures.
Coinbase reported a second-quarter loss of $359.5 million, or $1.36 per share, missing Wall Street expectations as revenue fell to $1.2 billion. Analysts had forecast a loss of $0.17 per share on $1.3 billion in revenue, according to LSEG data.
The results marked the company’s third consecutive quarter of missing forecasts, with revenue declining from $1.5 billion a year earlier. Earnings volatility stems from accounting rules requiring quarterly revaluation of crypto holdings, which can distort net income even without asset sales.
Shares fell more than 7% in extended trading following the report. Bitcoin’s range-bound performance and outflows from bitcoin ETFs weighed on results, while elevated interest rates and broader market volatility added pressure.