Coinbase Stock Crashes 14% After Missing Q2 Earnings Expectations

Coinbase stock plummeted by as much as 14% after the company reported its second-quarter earnings, missing analyst expectations. The $359 million net loss marks Coinbase's third consecutive quarterly loss.

Despite this, Coinbase increased its crypto trading market share to a record 10.3%, and saw growth in its subscription and stablecoin business. The company's transaction revenue fell by 21% due to a decline in spot crypto trading volume across the market, which dropped 25% compared to the previous quarter.

Coinbase CEO Brian Armstrong stated that 'Coinbase is no longer a bet just on the price of Bitcoin. All of financial services are getting updated by crypto.' However, the company's shares fell from $155 shortly after the earnings report was released.