Coinbase Global Inc. reported its second-quarter results ending June 30, marking a third consecutive quarter of missing Wall Street's forecasts for both revenue and earnings. Following the announcement on Thursday, shares in the cryptocurrency exchange fell more than 5% in extended and after-hours trading.
Revenue for the second quarter fell 19% to $1.22 billion, missing analyst estimates. This result marks the company's third consecutive quarterly decline in revenue and its third straight quarterly loss.
The company's performance was hurt by lower trading volumes resulting from a prolonged downturn in cryptocurrency markets. Falling token prices and multi-year lows in volatility further gutted its trading business, demonstrating how a cooling crypto market can pressure even one of the industry's most diversified exchanges.