The Clap
Coinbase (NASDAQ: COIN) reported enormous losses following the crypto market crash in Q2 2022.
The Deets
During Q2 2022, a net loss of $1.1 billion was recorded, whereas a net profit of $1.59 billion was recorded in Q2 2021. Revenue also decreased by 64%, down to $808.3 million.
Why the Poor Earnings?
There was a significant decline in the crypto market during Q2 2022.
This decline altered investors’ behavior and trading volume, and also to a substantial devaluation in the company’s crypto assets, down by more than half to $428 million.
Coinbase’s stock declined 11% following the report, after having declined 75% throughout Q2 along with the crypto market.
Coinbase hit hard after the crypto crash 🤕
