Coinbase Outlook Disappoints After Results Surge

Exchange said it provides services to Elon Musk’s companies
Profit, revenue tops forecasts from Bloomberg surveys

WATCH: Coinbase COO Choi discusses the passage of the Biden administration’s infrastructure bill without a cryptocurrency provision.(Source: Bloomberg)

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By Olga Kharif

August 10, 2021 at 10:23 PM UTC

Corrected

August 11, 2021 at 12:39 AM UTC

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Coinbase Global Inc. shares were little changed in extended trading after the largest U.S. cryptocurrency exchange noted that customer usage slowed at the start of the current quarter.

The warning came while the company said second-quarter profit jumped to $1.6 billion from $32 million a year earlier. Revenue climbed to $2 billion from $178 million. Analysts polled by Bloomberg expected earnings of $683.3 million and $1.88 billion in revenue.