Crypto Exchange Coinbase Narrows Losses Thanks to Cost Reduction Strategy Major US-based crypto exchange
Coinbase has reported a smaller loss in the second quarter this year compared to the same quarter last year, while its revenue exceeded analysts’ expectations.
Coinbase’s loss for the quarter came in at $97 million, down
from $1.1 billion a year before, the firm’s financial report for the second quarter showed. The loss marked the sixth consecutive
quarterly loss for the exchange, which is facing significant regulatory challenges in its home market.
Meanwhile, the report showed
that revenue also declined on a year-over-year basis, coming in at $707.9 million, 12% lower than the same period last year.
Still, the revenue was markedly stronger
than a consensus estimate from analysts surveyed by Bloomberg of $631.2 million, which one analyst attributed to better-than-expected interest income
and staking revenue.
“Q2 was a strong quarter of execution for Coinbase and marked continued progress in our journey to build a company that is increasingly efficient and financially disciplined,” the firm wrote in a shareholder letter.
