Coinbase Global, Inc. (NASDAQ:COIN) shares closed more than 7% higher on Wednesday despite the company’s reported Q2 results, with EPS of ($4.98) missing the Street estimate of ($2.44).
Revenue dropped 31% quarter-over-quarter to $808.3 million, compared to the Street estimate of $879.69 million. Transaction revenue declined 35% quarter-over-quarter to $655 million, and subscription and services revenue declined 3% quarter-over-quarter to $147 million.
The company’s quarterly results were significantly affected by a decline in crypto asset prices, with total trading volume falling to $217 billion, which represents a 30% quarter-over-quarter decline.
The company anticipates the soft crypto market conditions to continue into the next quarter. Q3 MTUs and total trading volume are expected to be lower compared to Q2 results. Annual Average MTUs for 2022 are expected in the range of 7-9 million.