Summary: Coinbase Global reported a surprisingly large second consecutive quarter of losses, driven by the crypto market’s spring meltdown, as reported by CNBC. On Tuesday, Coinbase  reported a loss of over $1 billion in the second quarter and missed analysts’ estimates for revenue. Analysts expected the company to report a loss of $2.47 a share, according ...

Coinbase Global reported a surprisingly large second consecutive quarter of losses, driven by the crypto market’s spring meltdown, as reported by CNBC. On Tuesday, Coinbase  reported a loss of over $1 billion in the second quarter and missed analysts’ estimates for revenue. Analysts expected the company to report a loss of $2.47 a share, according to FactSet. Shares fell about 5% to about $83 in after-hours trading. That is a far from the $381 where the stock opened trading when it went public in April 2021.

Coinbase’s revenue declined nearly 64% as investors exited the crypto market after last year’s dramatic run. Retail transaction revenue came in at $616.2 million, down 66% and below the $667.1 million consensus among analysts polled by StreetAccount.

“Of course, we don’t control the macroeconomic factors or downturn,” CEO Brian Armstrong said on a conference call with analysts. “We don’t really even control the crypto market more broadly, right? So what do we control? Well, obviously we can focus on building great products for our customers. We can focus on staying on the forefront of crypto technology to make sure that we’re creating compelling use cases and making those available to our customers. We can focus on our expense management in down markets, and, frankly, we can ensure that we just don’t get distracted or disillusioned by short-term thinking.”

By Amy Liu