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Coinbase Global Inc. (COIN) released its financial results for Q2 after the market close in the US on Tuesday.
The company reported revenue that fell short of Wall Street expectations at $808.325 million for Q2 vs. $873.82 million expected.
Coinbase reported a loss per share of -$4.98 per share vs. -$2.47 loss per share expected.
”Q2 was a test of durability for crypto companies and a complex quarter overall. Dramatic market movements shifted user behaviour and trading volume, which impacted transaction revenue, but also highlighted the strength of our risk management program. We are focusing on our top business priorities and more tightly managing expenses.”
”The decline in crypto asset prices significantly impacted our Q2 financial results, which were consistent with the outlook provided in May. Net revenue was $803 million, down 31% compared to Q1, driven by lower trading volume. Total operating expenses were $1.9 billion, up 8% compared to Q1. Net loss was $1.1 billion and was heavily impacted by non-cash impairment charges. Absent non-cash impairment charges, net loss would have been $647 million. Adjusted EBITDA was negative $151 million,” the company wrote in a letter to shareholders.
Coinbase Global Inc. (COIN) chart
Share price of Coinbase was down by 10.55% on Tuesday, trading $87.49 a share.
The stock fell further in after-hours following the release of the latest financial results, down by around 3%.
Here is how the stock has performed in the past year:
Coinbase price targets
Coinbase Global Inc. is the 754th largest company in the world with a market cap of $22.96 billion.
You can trade Coinbase Global Inc. (COIN) and many other stocks from the NYSE, NASDAQ, HKEX and the ASX with GO Markets as a Share CFD.
Sources: Coinbase Global Inc., TradingView, MetaTrader 5, Benzinga, CompaniesMarketCap
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