Coinbase Q2 Revenue Falls 14% to $1.22 Billion Amid Market Downturn

Odaily Planet Daily News: Cryptocurrency exchange Coinbase reported second-quarter revenue of $1.22 billion, a 14% sequential decline and below the market expectation of $1.29 billion; net loss amounted to $359 million. Trading revenue reached $599 million, below the expected $628 million. Coinbase noted that second-quarter spot crypto trading volume declined by more than 20% sequentially, due to falling crypto asset prices and market volatility dropping to multi-year lows. Its market share in crypto trading reached a record high of 10.3%, marking the third consecutive quarter of growth. Subscription and services revenue totaled $555 million, accounting for 48% of net revenue, below the previously forecast range. Stablecoin revenue reached $292 million, with an average of $20 billion in USDC held across Coinbase products during the quarter, representing over 30% of the total USDC supply at quarter-end. Coinbase ended the quarter with $8.6 billion in cash and cash equivalents and $10 billion in total available resources. The company expects third-quarter subscription and services revenue to range between $500 million and $580 million, with adjusted expenses projected at $980 million to $1.08 billion.