Coinbase Suffers Third Straight Quarterly Loss on Crypto Market Decline

Cryptocurrency exchange Coinbase Global has reported its third consecutive quarter of losses due to lower transaction revenue.

The company's transaction revenue dropped 21% to $599 million during the April-to-June quarter, from $764 million a year earlier.

Lower trading activity, exacerbated by uncertainty over U.S. interest rates and geopolitical tensions, contributed to the decline in revenue.

Coinbase shares were down 4.9% in trading after the bell, following the announcement of the quarterly loss.

The company reported a loss of $359.5 million, or $1.36 per share, for the quarter ended June 30, compared with a profit of $1.43 billion, or $5.14 per share, a year earlier.