Coinbase营收逊色，交易收入大跌39%，盘后股价重挫逾11%

Core Viewpoint - Coinbase reported a 26% decline in total revenue for the quarter, with trading revenue falling short of market expectations, leading to a disappointing outlook for subscription revenue [1] Group 1: Financial Performance - Total revenue for the quarter was $1.5 billion, a 26% decrease quarter-over-quarter, compared to analyst expectations of $1.59 billion [1] - Trading revenue decreased by 39% to $764 million, below the expected $814 million [1] - Subscription and services revenue fell by 6% to $656 million, also lower than the market expectation of $708 million [1] - Operating expenses increased by 15% to $1.5 billion, primarily due to $307 million in costs related to a data breach disclosed in May [1] Group 2: Future Outlook - For Q3, Coinbase did not provide a full quarterly trading revenue forecast, but indicated July trading revenue is expected to be $360 million, while the consensus for the entire quarter is $866 million [1] - The company anticipates subscription and services revenue to be between $665 million and $745 million, supported by rising average cryptocurrency prices and stablecoin revenue [1] Group 3: Assets and Regulatory Developments - As of the end of the quarter, Coinbase held $9.3 billion in cash reserves and $1.8 billion in investment-grade crypto assets [3] - The company highlighted significant progress in policy and regulatory clarity, including the recent enactment of the Genius Act and the House's passage of the Clarity Act, which are expected to create a robust regulatory framework for stablecoins and tokenized assets [3] - Despite revenue falling short of expectations, Coinbase's GAAP earnings per share significantly exceeded market expectations at $5.14, compared to the consensus of $1.25 [3]