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Coinbase shares drop on billion-dollar loss in second quarter and revenue miss
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  • Coinbase’s revenue declined almost 64% in the quarter as cryptocurrency prices fell.
  • The exchange operator lowered its full-year forecast for transacting users.
  • Coinbase said during the quarter it was trimming 18% of headcount.

[Image: GettyImages-1234552839.jpg?auto=webp&opt...&width=912]

Shares dropped in extended trading on Tuesday after the crypto exchange reported a loss of over $1 billion in the second quarter and missed analysts’ estimates for revenue.

Here’s how the company did:
  • Earnings: Loss of $4.98 per share, vs. loss of $2.65 per share as expected by analysts, according to Refinitiv.
  • Revenue: $808.3 million, vs. $832.2 million as expected by analysts, according to Refinitiv.

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