Read

<div class="cryptonews"> 
 <p class="is-style-lead">Coinbase released its financial results for the second quarter of the year, beating the <a rel="noopener noreferrer nofollow" title="analyst" href="https://thebittimes.com/tag/analyst.html">analyst</a>s’ <a rel="noopener noreferrer nofollow" title="expectations" href="https://thebittimes.com/tag/expectations.html">expectations</a>.</p> 
 <p>The company <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a>ed $663 million in net revenue, which is down by 10% compared to the same period last year.</p> 
 <p>Coinbase 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.</p> 
 <p>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.</p> 
 <h2 class="wp-block-heading" id="coinbase-s-stock-reaction-to-its-q2-results">Coinbase’s stock reaction to its Q2 results</h2> 
 <p>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.</p> 
 <p>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.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> SEC did not ask Coinbase ‘at any point’ to delist assets, the exchange admits 
 </div> 
 <p>Mark Palmer, a financial <a rel="noopener noreferrer nofollow" title="analyst" href="https://thebittimes.com/tag/analyst.html">analyst</a> at Berenberg Capital Markets, believes the results are better than expected due to “interest income and staking revenue.” </p> 
 <p>“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.</p> 
 <p>The exchange’s earnings <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a> comes at a time when Coinbase finds itself in hot water with the U.S. Securities and Exchange Commission. The SEC is accusing the company of operating as an unregistered broker and securities exchange.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> SEC sues Coinbase just hours after Binance 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div>

Coinbase Q2 report exceeds analyst expectations despite legal battle with SEC

Table of Contents

TheBitTimes

Other articles published on Aug 4, 2023

On-Chain Data Exposes Exactly Where Cardano Could Moon or Plummet Next

Suspicious Multichain Address Starts Sales In These Four Altcoins!

Ethereum Classic Price Analysis: Will This Launch Help ETC Price Exceed $20 Or Crash Under $17?

Crypto ETFs on the Rise: Unveiling the Growing Popularity in 2023

U.S Bancorp Stock Prediction: Will the MUFG & USB Deal Pay Off?

OpenOcean Monthly Digest: July under the microscope!

Join our free newsletter for daily crypto updates!