Coinbase Misses Revenue Expectations for Third Consecutive Quarter

Coinbase's quarterly revenue of $1.2 billion fell short of analyst expectations at $1.3 billion, while its loss widened to $1.36 per share from a 17-cent loss the previous year.

The company's stock dropped more than 7% after hours following the disappointing earnings report, marking Coinbase's third consecutive quarter of missing both sales and profit forecasts.

Coinbase CEO Brian Armstrong emphasized that the company is no longer dependent on trading commissions, as it seeks to diversify its revenue streams through subscription products and services. He noted that Coinbase has reached a record for its share of crypto trading and can operate effectively in any market conditions.