00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Coinbase shares fell 7% in Thursday's extended trading after the company reported a wider than
00:08expected second quarter loss as the deepening crypto downturn continued to pressure its business,
00:14according to CNBC. The crypto trading platform reported a second quarter loss of 1.36 per share
00:20on $1.2 billion in revenue, missing expectations for a $0.17 loss and $1.3 billion in revenue.
00:27Coinbase missed Wall Street's revenue and earnings forecast for a third straight quarter,
00:32posting a $359.5 million loss, compared with a $1.43 billion profit a year earlier.
00:40Coinbase generated $555 million in subscription revenue and $599 million in transaction revenue,
00:48with both categories missing expectations and declining from a year earlier amid broader crypto
00:53weakness. The company is expanding subscription products to reduce its dependence on trading
00:58volumes and create more stable revenue. For all things money, visit Benzinga.com.
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