Coinbase Suffers Third Consecutive Quarterly Loss Amid Crypto Market Downturn

Crypto exchange Coinbase reported its third consecutive quarterly loss due to lower transaction revenue as crypto markets experienced a prolonged downturn. This period of weakness began in April and continued through June, with investors shunning riskier assets amid uncertainty over U.S. interest rates, geopolitical tensions, and outflows from crypto investment products.

Crypto market pressure led to a 21% drop in Coinbase's transaction revenue, which fell to $599 billion during the quarter. In comparison, this figure was $764 million a year earlier. The company reported a loss of $359.5 million, or $1.36 per share, for the quarter ended June 30.

Shares of Coinbase were down 4.9% in trading after the bell.