Coinbase Global Inc (NASDAQ:COIN) shares fell almost 15% on Friday after the cryptocurrency trading platform’s second quarter earnings fell short of expectations on weaker-than-expected trading revenue.
The company reported earnings per share of $0.12, significantly below estimates of $1.49.
Adjusted EBITDA declined year-over-year to $512 million from $596 million.
Revenue of $1.5 billion, while up 3.2% year-over-year, was short of Wall Street’s expectations.
Trading revenue of $764 million was below estimates of $787 million as trading volumes were weaker than expected. While subscription and services revenue grew 9% from the year-ago quarter to $656 million, it was below estimates of $706 million.
Shares of Coinbase fell 14.7% to $321 in early afternoon trading.