Coinbase Q2 Revenue no meet target as trading volume drop 40%

Coinbase Q2 money don fall by 26% quarter-on-quarter to $1.5 billion, e no meet wetin analyst dem expect. Transaction money drop 39% to $764 million as global crypto spot volumes slide 31% and US volumes fall 32%. Total trading volume drop sharply by 40% to $237 billion. Subscription and service money small small drop by 6% to $656 million, but stablecoin-related money rise 12% to $332 million. Operating expenses rise 15% to $1.5 billion, because of one $307 million data breach charge. Adjusted net income na $33 million, and adjusted EBITDA reach $512 million. Coinbase shares waka down 11% before market open due to this earnings miss. Looking forward, Coinbase dey expect Q3 subscription and service money between $665 million and $745 million. The company yan say regulatory wins under GENIUS and CLARITY Acts go help boost stablecoin use and market clarity. For product side, Base App beta for Ethereum Layer 2 don cross 700,000 users and e go become “everything app” with trading, social feeds, tokenized posts, USDC payments, mini-apps and AI features. Base Pay with 1% USDC cashback for Shopify merchants dey also inside pipeline. These results dey show how sensitive Coinbase Q2 money dey to crypto market activity.