Coinbase Global Inc. Faces Investor Backlash After Earnings Miss

Coinbase Global Inc. experienced a significant drop in its share price during after-hours trading on Thursday, following the release of its second-quarter earnings report that failed to meet analyst expectations.

The cryptocurrency exchange reported a total revenue of $1.5 billion, with subscription and services revenue at $656 million and transactions revenue amounting to $764.3 million. These figures fell short of the forecasts, leading to a 8.40% decline in the company's stock price to $346.02 per share by 4:18 pm ET.

This downturn highlights the challenges Coinbase faces in maintaining its growth trajectory amidst fluctuating cryptocurrency markets.