Coinbase Posts Wider-Than-Expected Loss and Missed Revenue Estimates

Coinbase's second quarter earnings report showed a wider-than-expected loss and revenue miss. The company reported an EPS of -$1.36, compared to analysts' forecast of -$0.01. Revenue reached $1.2 billion, falling short of the $1.35 billion estimate by 11.11%.

The stock fell 6.53% in after-hours trading to $152.9, down from its regular session close of $163.55. Despite this, Coinbase's management highlighted signs of business diversification and stronger subscription growth.

Coinbase One subscriptions reached an all-time high during a weaker crypto market, while revenue mix shifted with Bitcoin-related transactions accounting for 12% of revenue, down from more than 50% historically.