Coinbase Stock Drops on Weaker Than Expected Q2 Earnings

Coinbase's stock price dropped by about 5% in after-hours trading on Thursday following the company's weaker-than-expected second-quarter earnings.

The cryptocurrency exchange reported revenue of $1.22 billion, missing Wall Street estimates of $1.29 billion.

Transaction revenue, a key income source for Coinbase, reached $599 million, below the expected $628 million.

This decline was largely due to lower Bitcoin and Ethereum prices, which reduced trading volumes across the industry.