Coinbase Misses Q2 Revenue, Earnings Targets Amid Crypto Market Slump

Coinbase's second-quarter revenue and earnings fell short of Wall Street expectations despite a record market share in global cryptocurrency trading volume.

Adjusted loss per share was $0.40, down from an adjusted profit of $0.12 per share in the same quarter last year, on revenue of $1.22 billion, down 19% year-over-year.

The company cited two main reasons for the shortfall: on-platform USDC deals that landed later than expected and steeper-than-anticipated declines in crypto asset prices that hit staking revenue.