Coinbase Stock Tumbles 12% After Missing Q2 Revenue Estimates

Coinbase stock plummeted over 12% on Friday after missing Wall Street's revenue estimate for Q2, falling to $143.77 per share.

The company reported a net loss of approximately $359 million and saw its revenue decline by 14% from the previous quarter and 18.5% from the same period last year.

Coinbase is targeting stablecoins, Base blockchain, and prediction markets to reduce its dependence on trading fees, but the earnings decline has raised concerns about the exchange's near-term growth.