Coinbase Tanks 9% After Hours As Q2 Report Misses Mark Despite $1.4 Billion Profit
Coinbase Global Inc. (NASDAQ:COIN) experienced a 9.23% drop in its after-hours stock value on Thursday. This decline followed the release of the company’s second-quarter shareholder letter.
What Happened: Coinbase Global closed its regular trading session at $377.76, up $0.28 on Thursday. The stock later plummeted by 9.23% to $342.91 during after-hours trading, according to data from Benzinga Pro.
The shareholder letter posted by the California-based cryptocurrency exchange disclosed the company’s second-quarter financial results, which showed $1.5 billion in revenue for the quarter. However, the net income generated is $1.4 billion.
In its shareholder letter, Coinbase highlighted that, during the second quarter, the company reported meaningful strides in three key areas of crypto adoption: using digital assets as investments, expanding crypto-based financial services, and developing decentralized applications. On the investment front, Coinbase emphasized continued growth and innovation in its derivatives offerings.
Why It Matters: The stock edged higher before the second-quarter report, reflecting investor optimism ahead of Coinbase's earnings announcement. However, the actual second-quarter results disappointed the market. A 40%decrease in trading volume, along with a missed revenue estimate.
Benzinga’s Edge Stock Rankings highlights Growth and Momentum scores of 86.84 and 91.48, respectively, indicating strong earnings potential alongside a robust upward price trend. Find out the stock value of other cryptocurrency exchange platforms.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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