Coinbase Stock Slumps on Weaker Than Expected Q2 Earnings

Coinbase stock plummeted to its lowest price since late June after the company released weaker-than-expected second-quarter results.

The cryptocurrency exchange's revenue fell 19% as a result of declining crypto trading activity, which pressured transaction income.

Subscription and services revenue provided some support but also declined from last year.

Coinbase reported $1.22 billion in revenue, below the average analyst estimate of $1.29 billion, and a net loss of $359.5 million, or $1.36 per share.