Coinbase, the major online platform for buying, selling, transferring, and storing cryptocurrencies, saw its shares drop precipitously in extended hours trading on Tuesday after the crypto exchange reported a loss of over $1 billion in the second quarter and missed analysts’ estimates on revenue. They argued that investors pulled out of crypto investments after the tremendous run-up in 202, resulting in the 64% drop in income. Retail transactions were also down 66% from analyst forecasts. A $377 million impairment charge was another contributing factor. In response to the poor current market conditions, Coinbase is being forced to downsize its operations.
Coinbase (COIN) earnings Q2 2022