Coinbase Shares Plummet on Wider-Than-Expected Loss

Coinbase shares dropped nearly 6% in extended trading on Thursday after the crypto platform posted a wider-than-expected loss for the second quarter.

The company reported a loss per share of $1.36, compared to analysts' expectations of a 17 cent loss.

Revenue came in at $1.2 billion, also lower than the expected $1.3 billion.

This marks Coinbase's third straight quarter missing Wall Street's forecasts for revenue and earnings.

Despite efforts to diversify revenue, Coinbase remains vulnerable to market fluctuations in the crypto sector, which has been experiencing a 'crypto winter.'

However, subscriptions brought in $555 million, offering a bright spot in an otherwise disappointing quarter.