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Coinbase sinks 5% after missing second-quarter revenue estimates
['Helene Braun']
CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data
Coinbase (COIN) shares fell roughly 5% in after-hours trading Thursday after the crypto platform reported second-quarter results reflecting another weak period for digital asset trading, as lower crypto prices weighed on one of the company’s largest revenue sources.
Transaction revenue came in at $599 million, compared with expectations of $628 million.
Subscription and services revenue totaled $555 million, versus estimates of $599 million, as investors looked for signs that recurring businesses continued to offset weakness in trading activity.
Bitcoin BTC $ 63,903.86 fell roughly 14% during Q2 while ether lost about 25%, reducing both trading volumes and volatility across spot markets.
Robinhood (HOOD), on Wednesday, reported that its revenue from crypto trading fell 38% year over year to $100 million from $160 million.