Coinbase Q2 Earnings Beat Estimates as Subscription Revenue Jumps 17%

COIN reported second-quarter revenue of $1.449 billion, beating the consensus estimate of $1.396 billion. The company reported quarterly earnings of 14 cents per share.

Coinbase (NASDAQ:COIN) reported second-quarter earnings after the market close on Thursday. Here’s a rundown of the report.

Coinbase Earnings Snapshot (Q2):

Earnings Per Share: 14 cents, beating the consensus estimate of 7 cents.

Revenue: $1.449 billion, beating the consensus estimate of $1.396 billion.

Total revenue was down 11% on a quarter-over-quarter basis.

Transaction revenue decreased 11% quarter-over-quarter to $781 million.

Subscription and services revenue increased 17% quarter-over-quarter to $599 million.

Coinbase noted it’s “making good progress” on diversifying its revenue streams.

Bitcoin (CRYPTO: BTC) represented 35% of trading volumes and 31% of transaction revenues in the second quarter.

Total trading volumes were down 28% quarter-over-quarter.

Consumer trading volume was down 34% quarter-over-quarter and institutional trading volume was down 26% quarter-over-quarter.

Coinbase Outlook:

Coinbase expects third-quarter subscription and services revenue to be between $530 million and $600 million.

“Our Q3 range reflects some modest headwinds, including a 3% decline in the average price of Ethereum in July as compared to the Q2 average, expectations of a September rate cut, an increase in expenses related to USDC as we work to drive global adoption of USDC as the most compliant stablecoin, and a one-time $8M blockchain rewards revenue benefit in Q2,” the company said in a letter to shareholders.

Coinbase said it anticipates a sequential decline in transaction revenue in the third quarter, driven by lower price levels and trading activity. The company noted it expects to continue to make sequential progress in subscription and services revenue.

Coinbase will hold a conference call to discuss these financial results at 5:30 p.m. ET.

The Coinbase Impact:

Coinbase shares were up approximately 20% year-to-date heading into the print.

The stock was up 1.43% in after hours, trading at $216 at the time of publication, according to Benzinga Pro.

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