Coinbase shares slide after $359.5 million Q2 loss and $1.2 billion revenue miss forecasts
AI Market Summary
Coinbase's Q2 results missed expectations, with a wider loss and lower revenue, marking a third straight quarter of disappointments and driving a >5% after-hours share decline. Management cited range-bound BTC, ETF outflows, and a high-rate macro backdrop weighing on risk appetite. Subscription revenue grew as a mix of revenue, but still missed estimates, reinforcing near-term caution around crypto trading activity.
Impact level
● Medium
Affected assets
NCSKCOIN2USD/USDT+2.45%
AI Insight · NCSKCOIN2USD/USDTAI Insight
▼ Bearish
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Coinbase reported a net loss of $359.5 million for the second quarter of 2024, or a loss of $1.36 per share, far wider than the $0.17 loss per share analysts expected. Revenue came in at $1.2 billion, below expectations for $1.3 billion and down from $1.5 billion a year earlier. The report marked the company’s third straight quarter missing Wall Street forecasts for both revenue and earnings, based on a survey of analysts by LSEG. Coinbase shares fell more than 5% in after-hours trading following the release.
