Coinbase Stock Tumbles as Crypto Market Weakness Continues

Coinbase stock plummeted more than 10% early Friday after reporting its third consecutive quarterly loss, citing a weak crypto market.

The company's net revenue fell 17% to $1.15 billion in the second quarter from the year-ago period, while adjusted EBITDA dropped 59% to $208 million, missing analyst expectations by a third.

Coinbase's CFO Alesia Haas acknowledged the 'down market' but pointed out record paid membership in Coinbase One as evidence that customers remained engaged during the quarter.

The company also stated that its newer prediction markets offering will bring in $100 million in revenue this year, unchanged from their expectation last quarter.