- The current price of COIN stock still represents a year-to-date gain of 170%.
- CEO Brian Armstrong stated the company is in good financial shape.
Coinbase announced on August 3 that its Q2 earnings were above forecasts despite being sued by the SEC. Financial results for the corporation exceeded Wall Street forecasts. Analysts had forecast a loss of 76 cents per share, thus the company’s actual loss of 42 cents per share was better than expected. Their $708 million in adjusted revenue was also above the $628 million predicted by experts.
Revenue was broken down as follows: subscription revenue was $335 million, down 7% from the prior quarter. However, income from transactions increased to $327 million. Revenue from subscriptions was $362 million while revenue from transactions was $375 million in the previous quarter.
Good Financial Shape
The price of a share of Coinbase stock (COIN) was $90.75 at the time of writing and is up 0.35%. Over the last two weeks, COIN stock has dropped by 10%. The current price of COIN stock still represents a year-to-date gain of 170%.
The exchange’s CEO Brian Armstrong stated the company is in good financial shape despite the bear market on recent earnings call. On the same call, Coinbase’s chief legal officer Paul Grewal similarly voiced optimism that his company will prevail in court against the SEC.
Grewal said their case against Coinbase would center on the exchange’s claims that it does not trade in securities. They argue that even after the registration statement was deemed effective in April 2021, Coinbase was never informed that it was needed to register with the SEC.
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