Cryptocurrency exchange Coinbase has had yet another extremely disappointing quarter.
The leading cryptocurrency exchange ended up missing Wall Street expectations due to weak cryptocurrency trading activity.
Investors were mainly disappointed by Coinbase's slowing transaction revenue as well as growing competition.
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Stablecoins and subscription services remain the exchange's bread and butter.
Weakening trading business
The exchange recorded total revenue of $1.2 billion, which is way below analysts' estimate of $1.3 billion. It is also a sharp decline from the $1.5 billion that the exchange recorded last year.
Coinbase logged a very sharp 21% year-over-year drop in its transaction revenue (to less than $600 million).
Trading is, of course, the largest contributor to Coinbase's earnings, so this painful drop was not left unnoticed by investors.
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The exchange has been persistently trying to diversify its business with different revenue streams. However, its subscription revenue was also rather disappointing ($555 million). This segment has now logged three consecutive quarterly declines.
Subscription and services account for nearly half of the exchange's total net revenue.
USDC remains Coinbase's biggest revenue driver. The company generated a whopping $292 million from stablecoins in the second quarter. |Staking income contributed another $83 million, while interest and finance fee income generated $66 million. Other subscription and service revenue added approximately $114 million.
Coinbase has invested heavily in the Base network, but investors are questioning whether or not this actually translates into meaningful financial growth.
Coinbase shares fell roughly 7% in after-hours trading after the disappointing earnings report.
Coinbase CFO Alesia Haas said the company faced a much weaker crypto market during the second quarter. The CFO said total cryptocurrency spot trading volumes across the market declined by more than 20% during the quarter.
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