Cryptocurrency trading platform company Coinbase Global Inc COIN reported second-quarter financial results after the market close Thursday. Here are the key highlights.
What Happened: Coinbase reported total revenue of $707.9 million, which was down 8% quarter-over-quarter. The revenue total beat a Street consensus estimate of $643.36 million, according to data from Benzinga Pro.
The company reported a loss of 42 cents per share, which beat a Street consensus estimate of a loss of 78 cents per share.
Coinbase reported transaction revenue of $327.1 million, which was down 13% quarter-over-quarter. Total subscription and services revenue totaled $335.4 million in the quarter. This was a sharp increase from the 40% and 39%, respectively, seen in the first quarter.
Bitcoin BTC/USD represented 40% of trading volume and 39% of transaction revenue in the second quarter. Ethereum ETH/USD represented 23% of trading volume and 21% of transaction revenue.
Subscription revenue totaled $335 million in the second quarter, which was down 7% quarter-over-quarter. This marked the first decline for the segment on a quarter-over-quarter basis.
Assets on the platform totaled $128 billion, down 1% quarter-over-quarter.
Related Link: Coinbase’s Regulatory Rodeo: A 60 Day Ride Through Legal Challenges
What’s Next: The company highlighted several crypto regulation bills in Congress.
“One of Coinbase’s highest priorities is achieving regulatory clarity for our industry,” the company said.
Guidance from the company calls for subscription and services revenue to hit $300 million or more. The company said it had $110 million in transaction revenue for the month of July.
“The crypto industry remains volatile, as evidenced by ongoing uncertainty in the regulatory environment. While we can’t predict what will happen next, we continue to operate towards our goal of improving Adjusted EBITDA in absolute dollar terms versus full-year 2022," Coinbase said.
COIN Price Action: Coinbase shares are up 6% to $96 in after-hours trading Thursday versus a 52-week trading range of $31.55 to $116.30.
Read Next: If You Invested $1,000 In Ethereum At Launch, Here’s How Much You’d Have Now
Photo courtesy of Coinbase.
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