COIN Stock Slides After Earnings Miss — Coinbase CEO Says The Crypto Exchange Is Becoming More Than A Bitcoin Bet

The crypto exchange missed revenue and earnings expectations, but highlighted rising subscription revenue and gains in global trading share.

• Revenue fell year-over-year and missed Wall Street estimates as softer crypto trading weighed on results.
• CEO Brian Armstrong said the company captured a record share of global crypto trading volume during the quarter.
• Armstrong also highlighted expanding businesses, including stablecoins, Base and prediction markets, as future growth drivers.

Coinbase Global (COIN) shares fell nearly 7% in after-hours trading on Thursday after the crypto exchange reported second-quarter results that missed Wall Street expectations, as weaker digital asset trading weighed on its core business. The company, however, pointed to growing subscription revenue and record market share in crypto trading as signs its diversification efforts are gaining traction.

At the time of writing, COIN stock had trimmed some of the losses and was trading down 5%.

COIN Revenue Misses Expectations

For the three months ended June 30, Coinbase reported revenue of $1.22 billion, down from $1.50 billion a year earlier and below analysts’ expectations of $1.29 billion, according to Fiscal.ai.