Odaily Planet Daily News Coinbase announced revenue of $707.9 million in the second quarter of 2023, exceeding the $808.3 million in the same period last year.
Analysts had expected revenue of $629 million. The cryptocurrency exchange posted a net loss of $97.4 million in the second quarter, an improvement from a loss of $1.1 billion a year earlier.
"For Coinbase, strong execution in the second quarter marks continued progress on our journey to build an increasingly efficient and financially disciplined company," the company wrote in a letter to shareholders. The company is currently engaged in an ongoing dispute with the US Securities and Exchange Commission.
During the quarter, the company generated $151 million in interest income via the USDC stablecoin. This is down from the $199 million in USDC interest income in the first quarter, which the company attributes to a 28% decline in USDC’s market capitalization as a major factor.