Coinbase’s stock fell sharply on Tuesday after the cryptocurrency trading company reported a loss of more than $1 billion in the second quarter and missed analysts’ revenue estimates.
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Specifically, Coinbase had a loss of $4.98 per share in the second quarter, compared to a drop of $2.65 per share that analysts expected, while its revenue was $808.3 million, compared to $832.2 million that analysts expected.
Coinbase’s revenue fell nearly 64% as investors exited the cryptocurrency market after last year’s dramatic run.
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