Second-quarter revenue fell 19% year-over-year to $1.22 billion, missing estimates as crypto spot trading volume dropped 20%.
Coinbase reported a net loss of $359 million for the second quarter, reversing a year-ago profit, as revenue declined 19% to $1.22 billion. The results fell short of Wall Street expectations of $1.29 billion in revenue and a roughly break-even per-share outcome, with the company posting a $1.36 loss per share.
Total crypto spot trading volume dropped over 20% from the prior quarter, dragging transaction revenue down 21% to $599 million. Subscription and services revenue also missed targets, despite being less dependent on trading activity, due to delayed USDC commercial agreements and lower staking revenue amid falling prices.
COIN shares fell approximately 5% in after-hours trading following the earnings release.