Coinbase Stock Drops 16% After Q2 Miss on Earnings, Revenue And Trading Volume
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Coinbase Global Inc. shares fell 16% after disappointing Q2 results, reporting adjusted earnings of 12 cents per share, missing estimates of $1.35, and revenue of $1.5 billion, below the expected $1.69 billion. Trading volume dropped 40% to $237 billion, with transaction revenue down 39%. Despite this, Coinbase noted record derivatives trading and launched its Base App. Looking ahead, the company expects July transaction revenue of $360 million and Q3 subscription revenue between $665 million and $745 million, but warned of higher expenses due to planned growth.
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