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Coinbase shares crash after billion-dollar loss report


Août, 10 2022
watermark Economic news

The operator of the largest cryptocurrency exchange in the United States, Coinbase Global Inc., suffered a loss in the second quarter of 2022 amid falling trading volumes. The company's net loss in the period from April to June was $1.09 billion (or $4.98 per share) against a profit of $1.61 billion (or $6.42 per share) a year earlier.


The EBITDA loss amounted to $151 million, whereas a year earlier the indicator was positive – $1.15 billion. 


The company's revenue amounted to $808.3 million against the expected $832.2 million, falling by almost 64% amid the exit of investors from the cryptocurrency market and the depreciation of digital currencies. Revenue from retail transactions amounted to $616.2 million, which is 66% lower than the consensus forecast of analysts ($667.1 million).


Coinbase's own cryptocurrency assets were worth $428 million at the end of June, compared with about $1 billion at the end of March.


After the release of the reports, Coinbase shares fell in price by 5.5% during additional trading on Tuesday, and the quotes ended the main session with a fall of 10.6%. Since the beginning of the year, the company's capitalization has collapsed by two-thirds and is now about $ 21.75 billion.


In addition to publishing the reports, Coinbase also presented its updated forecast for the whole year. Now it is expected from 7 to 9 million users making monthly transactions, while three months ago the company's analysts expected that this figure would be in the range of 5-15 million users.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.