Coinbase Suffers More Losses Than Expected
The net loss of US-based crypto exchange Coinbase in Q2 2022 was $1.1 billion, or $4.98 per share, twice analysts’ expectations ($2.47). In the post-trading session, the company‘s shares fell by 8% after losing 10.55% on the results of the main session.
For the same period in 2021, Coinbase recorded a net profit of $1.6 billion, whereas in the first quarter of 2022 the company reported a loss of $429.7 million.
It should be noted that net revenue in April-June decreased from last year’s $2.03 billion to $803 million. This is due to a decrease in prices for digital assets: the trading volume on the platform amounted to $217 billion against $462 billion.
The number of traders who made at least one transaction during the month increased from 8 .8 million to 9 million. The value of assets fell from $180 billion to $96 billion.
Trading commissions generated 82% of net revenue.
