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Coinbase cuts MTU forecast, misses on revenue

Coinbase cuts MTU forecast, misses on revenue

Coinbase cut forecasts and missed estimates as the tumultuous quarter for digital assets took a bite out of the cryptocurrency trading platform.

The company narrowed the range for its annual forecast for MTUs to 7 to 9 million from between 5 million and 15 million. Analysts surveyed by Factset were expecting 8.74 million. Subscription and services revenue will be more than $600 million. 

In the second quarter, trading volume totaled $217 billion versus the average estimate of $216 billion. That was down from $309 billion in the first quarter. Retail trading volume, a metric closely watched by analysts, accounted for $46 billion of the total, down from the $74 billion in the previous period. That was worse than the $58 billion estimate. 

Coinbase reported revenue of $803 million, missing the $874 million estimate. 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: Christiana Sciaudone