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.
  

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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