Coinbase (COIN) Q2 2022 Earnings Results

By Amit Chowdhry ● Aug 11, 2022
  • Coinbase (COIN) recently announced its Q2 2022 earnings results. These are the details.

Coinbase (COIN) recently announced its Q2 2022 earnings results. Below are the highlights.

Summary:

— Net revenue was $803 million, down 31% compared to Q1, driven by lower trading volume. 

— Total operating expenses were $1.9 billion, up 8% compared to Q1. 

— Net loss was $1.1 billion and was heavily impacted by non-cash impairment charges. Absent non-cash impairment charges, the net loss would have been $647 million. 

— Adjusted EBITDA was negative $151 million.

Guidance:

The company expects subscription and services revenue to be modestly higher in Q3 compared to Q2, primarily driven by increases in Interest Income.

Full-Year 2022 

The company is working hard to operate within the $500 million Adjusted EBITDA loss guardrail that we communicated for 2022. And the company is operating through stressed market conditions, but based on the expense management initiatives taken in the second quarter, the company is cautiously optimistic about the ability to operate within this guardrail. This optimism assumes that crypto market capitalization does not deteriorate meaningfully below July 2022 levels and that the company does not see changes in the current customer behaviors.