Coinbase Stock Tanks After Quarterly Revenue Miss

Coinbase stock fell to $155.20 in premarket trading after missing Wall Street's quarterly revenue estimate by $70 million.

The exchange reported second-quarter revenue of $1.22 billion, down 18.5% year-over-year and 14% from the previous quarter.

CEO Brian Armstrong cited a record share of global cryptocurrency trading volume as a competitive advantage, but acknowledged that transaction fees were strained by weak retail and institutional volumes.

The company also posted a net loss of $359 million, its third consecutive quarterly miss on both top and bottom lines.