Coinbase Earnings Weren't as Bad as They Seem
The crypto market is down in 2022, and it should be no surprise that Coinbase's (NASDAQ: COIN) results are suffering as a result. Coinbase reported second-quarter earnings after the market closed on Tuesday, and the numbers weren't good by any measure.
Revenue fell 60% from a year ago to $803 million, and the company swung from net income of $1.6 billion to a net loss of $1.1 billion. But like most earnings reports, this one requires some context. Here's what you need to know about Coinbase's results.
The reality is that trading drives all financial results for Coinbase, at least for now. In the second quarter, trading volume was $217 billion, down from $462 billion a year earlier. The bigger problem is that retail trading dropped from $145 billion to $46 billion, and that's where all of Coinbase's money is made.
Source Fool.com
