Coinbase is down about 5% in electronic trading after a second quarter that underscores the limits of its diversification in the face of a depressed cryptocurrency market.
The leading U.S.-listed platform for trading and services in digital assets generated $1.22bn in revenue, down 14% quarter on quarter and below the $1.30bn expected, while adjusted EBITDA fell 31% to $208m, well short of the $327m anticipated by the consensus compiled by the group. The net loss came to $359m.
That financial disappointment nonetheless contrasts with more favorable operating momentum, as Coinbase continues to gain ground in a shrinking market. Its share of global crypto…
