Bitcoin price today: gains to $120k, near record high on U.S. regulatory cheer
Investing.com -- Coinbase Global reported second-quarter earnings well below Wall Street expectations, as lower trading volumes weighed on results, sending its shares tumbling 11% in premarket trading Friday.
The cryptocurrency exchange posted earnings per share of $0.12, sharply missing the average analyst estimate of $1.51.
Revenue came in at $1.5 billion, slightly below the $1.59 billion consensus forecast.
Transaction (JO:NTUJ) revenue declined 2% year-over-year to $764.3 million, while revenue from the subscription and services (S&S) segment — which covers non-trading businesses — increased 9.5% to $655.8 million.
Crypto trading activity remains slow amid regulatory scrutiny and uncertainty, which have pressured transaction volumes and sentiment in the sector.
Mizuho (NYSE:MFG) analyst Dan Dolev said it was a "mixed Q2" print, with headline revenue missing expectations.
"That said, several positives: Q2 S&S in line despite Q/Q slower volumess, improved consumer yield, & S&M cost discipline. Plus, July transaction revenue is pacing 15% ahead of consensus," he added.
(Additional reporting by Vahid Karaahmetovic.)