Coinbase (Coin) reported that the results of the second quarter worse than expected on Thursday, sending their shares 7% in the trade after the market.
The exchange of encryption recorded total revenues of $ 1.5 billion, compared to $ 1.45 billion in the same quarter last year, but slightly lower than estimates of factors of factors of $ 1.59 billion.
Interesting profits, taxes, depreciation and amortization (EBITDA) reached $ 512 million, below $ 596 million a year ago.
The results show the continuous sensitivity of coinbase to cryptography market cycles. Although Bitcoin (BTC) and Ether (ETH) joined the maximum annual new annuals during the second quarter, the volume of transactions fell from quarter to quarter, Coinbase said in a press release. As a result, transactions revenues were $ 764 million, a 39% drop from the first quarter.
The Coinbase report follows an optimistic performance of the rival Robinhood (Hood), which reported its own quarterly results on Wednesday. Hood, which increased 160% in the year in which it exceeded expectations, since the company saw $ 28.3 billion in cryptography negotiation volume in the second quarter.
Meanwhile, Coinbase continues to incline in its double identity as a retail shopping center and an institutional cryptocurrency infrastructure provider. The company has launched custody services for ETF Spot Bitcoin, expanded its rethinking offers and made more progress with its CAP-2 base network, although these companies remain secondary to commercial income.
“In the second quarter, Coinbase made significant advances to carry the financial system in the chain by expanding access to trade through innovative derivative products, list more specific active and expand our offers in the markets worldwide,” the company said in its profit statement.
