Coinbase Q2 Profit Misses, But Grabs Record 10.3% Crypto Market Share
COIN is trading near its 52-week low of $139.18 (11% above the low).
Summary
Coinbase posted a Q2 GAAP net loss of $359M, far wider than the ~$122M loss analysts expected, on revenue of $1.2B that fell 19% YoY. Transaction revenue missed at $599M vs. $636M consensus, and subscription revenue also came in light at $555M vs. $590M expected. Despite the profit miss, the exchange captured an all-time-high 10.3% of global crypto spot volume, up from 9.1% in Q1, even as industry-wide trading slumped 25% QoQ. Prediction market revenue doubled during the quarter. Shares dropped more than 5% after hours.
At the time of this announcement, COIN was trading at $153.99 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 8 out of 10. Source: Cointelegraph.