Coinbase Posts Third Straight Quarterly Loss as Trading Slump Deepens
COIN is trading near its 52-week low of $139.18 (11% above the low).
Summary
Coinbase reported a Q2 loss of $359.5 million, or $1.36 per share, marking its third consecutive quarterly loss, compared to a profit of $1.43 billion, or $5.14 per share, a year ago. The loss was driven by lower transaction revenue amid a prolonged crypto downturn that has curbed trading activity. The company noted that 88% of its net revenue now comes from non-BTC spot trading, indicating a decoupling from Bitcoin trading fees. This follows a Q1 loss and a 14% workforce reduction announced in May. With the stock at $155 and a $43 billion market cap, the persistent losses raise questions about the timeline to profitability.
At the time of this announcement, COIN was trading at $155.00 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $43.1B. The 52-week trading range was $139.18 to $402.16. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Reuters.