Coinbase Revenue Misses Estimates Amid Softer Crypto Trading
Coinbase Global's (COIN) shares fell nearly 7% in after-hours trading on Thursday, following the release of its second-quarter earnings. The company reported revenue of $1.22 billion for the three months ended June 30, down from $1.50 billion a year earlier and below analysts' expectations.
Despite missing Wall Street estimates, Coinbase highlighted rising subscription revenue and gains in global trading share. CEO Brian Armstrong said the company captured a record 10.3% share of global crypto trading volume during the quarter, adding that it demonstrates their ability to compete across different market conditions.
'Coinbase is no longer a bet just on the price of Bitcoin,' Armstrong emphasized. 'All of financial services are getting updated by crypto, whether that's trading or payments or lending, and Coinbase is the best-positioned company in the world to power this.'