Coinbase Shares Jump as Exchange Beats Analyst Estimates for Q2

Coinbase (COIN) shares jumped Thursday after the market close as the crypto exchange reported revenues of $708 million and adjusted earnings of a loss of $0.42, beating analyst estimates of revenues of $628 million and earnings per share of a loss of $0.76.

Transaction revenue came in at $327 million, compared to $375 million in the first quarter, while total trading volume fell to $92 billion, compared to $145 billion in the first quarter. Interest income fell to $201 million from $241 million in Q1. Of that interest income in Q2, $151 million came from its holdings of USDC.

Shares of Coinbase were rising 5.5% to $95.60 in after-hours trading Thursday. Shares of Coinbase are up about 160% this year, while the price of bitcoin has risen more than 75% over the same time period.

“Q2 was a strong quarter for Coinbase as we executed well and showed resilience in a challenging environment,” said CEO Brian Armstrong in a statement to CoinDesk. “We’ve cut costs, are operating efficiently, and remain well-positioned to build the future of the crypto economy and help drive regulatory clarity.”

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Coinbase is scheduled to hold a conference call with analysts at 5:30 p.m. ET.