Coinbase Q2 earnings exceed estimates, signaling potential market recovery

Coinbase's second quarter earnings report. The key points are:

• Coinbase generated total revenues of $707.9 million in Q2, beating market estimates.
• The company had a net loss of $97 million but generated a positive adjusted EBITDA of $194 million.
• Analysts had mixed expectations prior to the earnings report.
• Coinbase's quarterly recurring operating expenses have dropped nearly 50% year-over-year.
• After the earnings report, Coinbase's stock rose 7% in after-hours trading but retracted 2% at the time of publication.
• Coinbase's stock is up about 170% year-to-date.
• As of March 31, 2023, Coinbase had $145 billion in quarterly volume traded and $130 billion in assets on its platform.