Cryptocurrency platform company Coinbase Global (NASDAQ:COIN) reported second-quarter financial results Thursday after market close.
Here are the key highlights.
Coinbase Q2 Earnings
Coinbase reported total revenue of $1.22 billion in the second quarter, down roughly 19% year-over-year. The total missed a Street consensus estimate of $1.32 billion, according to data from Benzinga Pro.
The company reported a loss of 40 cents per share, missing a Street estimate of a loss of 11 cents per share.
Transaction revenue was $599 million in the quarter, down 21% year-over-year. The company’s subscription and services revenue was $555 million, down 12% year-over-year.
Coinbase gained market share in the quarter, hitting an all-time high of 10.3% crypto trading volume share, up from 9.1% in the first quarter.
Prediction markets revenue was up 106% quarter-over-quarter in the second quarter. The company highlighted strong demand for NBA and World Cup markets. Coming soon from the company are combos for prediction markets.
Crypto derivative trading volume in the quarter was $4.22 trillion for the company, nearly flat while the market was down 12%.
What’s Next for Coinbase
Coinbase’s transaction revenue through July 26 for the third quarter is $130 million.
The company is guiding for subscription and services revenue to be in a range of $500 million to $580 million for the third quarter.
For the full fiscal year, Coinbase is lowering its cost expectations.
Coinbase Stock Price Action
Coinbase stock is down 5% to $155.08 in after-hours trading Thursday versus a 52-week trading range of $139.18 to $402.16.
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