Coinbase shares rose as much as 2.1% in extended trading Tuesday after reporting second-quarter revenue that was stronger than analysts had expected.
Here’s how the largest cryptocurrency exchange in the U.S. did versus expectations per Refinitiv estimates:
- Revenue: $2.23 billion vs. $1.78 billion expected
- Earnings: $3.45 per share, adjusted, which excludes stock-based compensation benefits vs. $2.33 expected
The company’s net profit for the quarter was $1.6 billion, up nearly 4,900% from a year earlier, following a volatile stretch of trading for cryptocurrencies.
Coinbase’s fate is tethered to the performance of digital assets like bitcoin. The company generated $2.0 billion in net revenue,…