Coinbase Q2 2024 Earnings: Revenue Hits $1.4B, Stock Rises 3%

Aug 1, 2024, 08:47 PM

Coinbase reported its Q2 2024 earnings, marking its third consecutive profitable quarter despite a decline in trading volumes. The company posted total revenue of $1.4 billion, down 11% from the previous quarter. Transaction revenue fell by 27% to $781 million, while subscription and services revenue grew by 17% to $599 million. Net income was reported at $36 million, which included $319 million in pre-tax crypto asset losses. The surge in second-quarter revenue was driven by a resurgence in cryptocurrency trading, despite a supportive macro environment and regulatory improvements. Coinbase's stock responded positively, rising by 3% following the earnings announcement. CEO Brian Armstrong emphasized the company's ongoing efforts to integrate crypto into the global financial system. Analysts noted the strength of Bitcoin ETFs as a contributing factor.