Coinbase Stock Tumbles on Missed Q2 Revenue and Earnings Projections

Coinbase's shares plummeted 13.9% in morning trading after the company released its second-quarter financial results, which missed Wall Street's expectations on both revenue and earnings.

The blockchain infrastructure company reported $1.22 billion in revenue for the quarter, representing an 18.5% year-over-year decline and falling short of the consensus forecast of $1.30 billion.

Coinbase also posted a GAAP loss of $1.36 per share, which was significantly wider than the anticipated loss of $0.42 per share.