Coinbase Stock Drops After Missing Q2 Revenue and Earnings Expectations

Coinbase's stock price plummeted by 13.9% in morning trading after releasing its second-quarter financial results, which fell short of Wall Street expectations on both revenue and earnings.

The company reported a revenue of $1.22 billion, representing an 18.5% year-over-year decline, which missed the consensus forecast of $1.30 billion.

Coinbase also posted a GAAP loss of $1.36 per share, significantly wider than the anticipated loss of $0.42 per share.