Coinbase posts $1.1 billion loss, revenue drops 60% in Q2
Largest crypto exchange Coinbase released its ugly second-quarter earnings on Tuesday afternoon, logging $1.1 billion in net loss as revenue declined from $2.033 billion to $803 million from a year-ago quarter which is a drop of almost 60%.
In quarterly terms, net revenue of Coinbase was down 31% compared to Q1. Trading volume and transaction revenue decreased by 30% and 35%, respectively.
This is the second consecutive quarterly loss for Coinbase, which struggles through a crypto winter, despite the huge profit received after going public last year.
"We continue to take a long-term view and remain focused on building for the future. Q2 was a test of durability for crypto companies and a complex quarter overall. Dramatic market movements shifted user behavior and trading volume, which impacted transaction revenue," said the company in a letter to shareholders.
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