August 10, 2022, 7:58AM EDT
• 7 min read

Commentary on Coinbase's Q2'22 Earnings

Quick Take

  • Trading closed down  (11%) at $87.68 / share and slumped another (5%) to 82.90 / share in afterhours trading 
  • Reported $808mm total revenue, ($4.95) EPS, $217bn Trading Volume and ($1.1bn) Net Income

    • Reflects a (7.5%), (100%) miss, +0.41% beat and (102%) miss respectively

  • +48% rally last week from Coinbase x Blackrock partnership announcement 

  • June 14, 2022 announced internal restructuring plan 

  • 1,100 FTE dismissals, an (18%) company wide reduction in FTE count as of June 10, 2022

  • June 2022 indictment against former Coinbase Product Manager Ishah Wahi and related parties for front running digital assets

  • August 2022 lawsuits launched against Coinbase regarding business practices and disclosure surrounding digital assets requiring Security & Exchange Commission (SEC) registration as securities

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