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. 

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