Cryptocurrency exchange Coinbase Global (COIN) has reported mixed second-quarter financial results as the price of Bitcoin (BTC) and other digital tokens continues to fluctuate.
Coinbase announced earnings per share (EPS) of $0.14 U.S., which badly missed Wall Street consensus targets of $0.94 U.S., according to data from FactSet.
However, the company’s Q2 revenue of $1.45 billion U.S. exceeded the average analyst estimate of $1.37 billion U.S. Sales were down 27% from the previous quarter.
The company said that its profit suffered from mark-to-market losses on its cryptocurrency assets.
In terms of the revenue decline, Coinbase said trading activity on its exchange has been subdued with cryptocurrency prices slumping and rangebound over the last few months.
The declines were largely expected among analysts who cover the company, and were not as bad as feared. Consequently, Coinbase stock rose 2% when the Q2 print was released.
The price of Bitcoin, the largest crypto by market capitalization, has slumped since a halving event took place in April of this year and has traded in a range of $60,000 U.S. to $70,000 U.S.
A halving event reduces the amount of Bitcoin that can be mined by 50%.
Still, Coinbase has benefitted this year from the launch and trading of spot Bitcoin exchange-traded funds (ETFs). In July, spot Ethereum (ETH) ETFs began trading in the U.S.
The stock of Coinbase has increased 135% over the last 12 months and currently trades at $212.64 U.S. per share.
