Read

Coinbase released its <a href="https://investor.coinbase.com/events-and-presentations/events/event-details/2023/Second-Quarter-2023-Earnings-Call/default.aspx" target="_blank" rel="noopener noreferrer nofollow">financial results</a> for the second quarter of the year, beating the analysts’ expectations. 
The company reported $663 million in net revenue, which is down by 10% compared to the same period last year. 
<a href="https://crypto.news/coinbase-to-release-base-layer-2-for-public-access/" rel="noopener noreferrer nofollow">Coinbase</a> also disclosed an adjusted EBITDA, or earnings before interest, taxes, depreciation, and amortization, of $194 million and a net loss of $97 million, which is a huge uptick from the last quarter’s net loss of $1.1 billion. 
The company had transaction revenue of $327 million compared to $375 million in the first quarter, and the total trading volume went down to a value of $92 billion compared to $145 billion in the first quarter. 
<h2 class="wp-block-heading" id="coinbase-s-stock-reaction-to-its-q2-results">Coinbase’s stock reaction to its Q2 results</h2> 
After the announcement of the financial results was made, the stock of the company went to $96.70, getting closer to 9%, but then they&nbsp;went down 1.4%, coming to a value of $89.48. The shares of the company have been up by 160% during the last few months. 
Financial analysts were expecting a loss of $0.76 on $634 million in revenue, while the company reported a loss of $0.42 per share on $708 million in revenue. 
 You might also like: <a href="https://crypto.news/sec-did-not-ask-coinbase-at-any-point-to-delist-assets-the-exchange-admits/" rel="noopener noreferrer nofollow"> SEC did not ask Coinbase ‘at any point’ to delist assets, the exchange admits </a> 
Mark Palmer, a financial analyst at Berenberg Capital Markets, believes the results are better than expected due to “interest income and staking revenue.” 
“Coinbase’s revenue beat versus consensus estimates was due in large part to better-than-expected interest income and staking revenue, which are two areas of the company’s business that appear to be at risk going forward,” he said in an email to CoinDesk. 
The exchange’s earnings report comes at a time when Coinbase finds itself in hot water with the U.S. Securities and Exchange Commission. The SEC is <a href="https://crypto.news/sec-sues-coinbase-just-hours-after-binance/" rel="noopener noreferrer nofollow">accusing</a> the company of operating as an unregistered broker and securities exchange. 
 Read more: <a href="https://crypto.news/sec-sues-coinbase-just-hours-after-binance/" rel="noopener noreferrer nofollow"> SEC sues Coinbase just hours after Binance </a>

Coinbase Q2 report exceeds analyst expectations despite legal battle with SEC

Table of Contents

crypto.news

Other articles published on Aug 4, 2023

Bitstamp's XRP Announcement Leaves Community Upset, XRP and BTC Print Golden Cross, SHIB to Host ...

Sam Bankman Accused of Witness Undermining; Bail Revocation Looms!

Polkadot Parachain Aventus Join Hands With Vodafone Group

Crypto Vs SEC: Alleged Double Standards at SEC – Ethereum Favoured, Ripple Snubbed?

GEHC Lost $1.10 Intraday; Might Reverse From Nearest Support

Curve hacker behind $61M heist begins returning funds

Join our free newsletter for daily crypto updates!