Coinbase Global (COIN) shares plummeted in after-hours trading on Thursday, as the cryptocurrency exchange's earnings and revenue fell short of Wall Street expectations, despite achieving several key business milestones in the quarter.
Coinbase reported second-quarter revenue of $1.5 billion, below analyst expectations of $1.56 billion to $1.59 billion. While net income reached $1.4 billion, the adjusted net income, excluding investment gains, was only $33 million.
Non-GAAP earnings were particularly weak, with earnings per share at just $0.12, far below the analyst forecast of $1.49 per share. A significant decline in trading revenue due to a drop in spot cryptocurrency trading volume severely impacted performance.
However, there were some highlights in the quarter. Although overall revenue decreased by 26% from the previous quarter, subscription and services sales only fell by 6% to $656 million, primarily supported by an increase in USDC stablecoin balances. Revenue related to stablecoins grew by 12% to $332 million.
Looking ahead, Coinbase expects third-quarter subscription and services revenue to be between $665 million and $745 million.
According to Yahoo Finance data, COIN shares fell more than 8% in after-hours trading following the earnings report.
Despite a slowdown in cryptocurrency market activity in the second quarter, the company referred to significant policy developments in July as a "milestone achievement" for exchanges and the entire industry.
Highlights include U.S. President Trump signing the GENIUS Act, which establishes a federal framework for stablecoin adoption, and the House passing the CLARITY Act aimed at defining the cryptocurrency market structure.
Coinbase also noted progress on its product roadmap, including the expansion of its stablecoin rewards program and the launch of the Base App, which has attracted over 700,000 users to its open beta waitlist.
Looking ahead, the company revealed plans to launch a new platform called "Universal Exchange," which will offer tokenized real-world assets, prediction markets, and early token sales.
Coinbase's Vice President of Products, Max Branzburg, told CNBC that the platform will debut in the U.S. and "will gradually expand internationally based on jurisdictional approvals."
Related: From Skeptic to Supporter: JPMorgan CEO Now "Believes" in Stablecoins and Blockchain
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