The token trading giant has released its latest earnings report. The results seem to be a bit negative for the second consecutive quarter. The company has posted $1.1bn in losses over a small period of three months. The stock of the company has taken a 4% drop following this report as well.
Analysts expectations were higher as Coinbase only posted $808.3 million in revenue for Q2, lower than the $832.2 million expected. Total users of the platform dropped by 200,000 compared to the growth of that same number at the same time last year.
This is the second quarter in a row that Coinbase has seen a drop in revenue. The revenue of Coinbase is earned through trades and as this bear market has shown no one is safe.
A lot of the issues Coinbase is facing at the moment could be due to the various investigations and regulations being hurled at the company. Recently high level employees have been arrested for insider trading and the SEC declared 9 tokens as unregistered securities. Coinbase has denied selling anything that can be classified as a security and maintains they are committed to being the most trusted, most compliant, most regulated crypto company around.