Coinbase Q2 Earnings Disappoint with Wider-Than-Expected Loss

Coinbase's Q2 earnings disappointed investors on Thursday, as the cryptocurrency exchange reported a wider-than-expected loss and missed revenue estimates.

The company recorded a net loss per share of $1.36, compared to analysts' expectations for a loss of $0.01 per share.

Revenue fell to $1.22 billion from the year-ago period, missing analysts' estimates of $1.35 billion.

Coinbase's transaction revenue declined 21% quarter-over-quarter to $599 million as total market crypto spot trading volume dropped 25%, but its subscription and services business continued to grow, accounting for 48% of net revenue.