Coinbase Global (NASDAQ:COIN) shares sank 16% on Friday after the cryptocurrency exchange missed second-quarter earnings expectations due to subdued trading activity.
The company reported earnings per share of $0.12, far below the $1.51 consensus estimate. Revenue came in at $1.5 billion, slightly under the projected $1.59 billion.
Transaction revenue fell 2% year-over-year to $764.3 million. However, subscription and services revenue rose 9.5% to $655.8 million, reflecting growth in its non-trading segments.
Coinbase continued to face headwinds from low crypto trading volumes amid heightened regulatory scrutiny and market uncertainty, which have dampened investor sentiment across the sector.
