Coinbase reports $1.1 bn in net loss, revenue drops 60% in Q2


New Delhi, Aug 10 : Largest cryptocurrency exchange Coinbase has reported a massive loss in both revenue and profit in the June quarter -- logging $1.1 billion in net loss as revenue declined from $2.033 billion to $803 million from a year-ago quarter which is a sharp drop of nearly 60 per cent. In quarterly terms, net revenue of Coinbase was down 31 per cent compared to Q1, driven by lower trading volume. "Q2 was a tough quarter, with trading volume and transaction revenue each down by 30 per cent and 35 per cent sequentially, respectively. Both metrics were influenced by a shift in customer and market activity, driven by macroeconomic and crypto credit factors alike," the company said after reporting its Q2 results late on Tuesday. "On the expense side, we've taken several steps to streamline our cost structure, including an 18 per cent employee reduction in June," it revealed. "The current downturn came fast and furious, and we are seeing customer behaviour mirror that of past down markets," the company said in its shareholder letter. Total trading volume declined to $217 billion, down 30 per cent compared to Q1. In contrast, total crypto spot trading volume declined 3 per cent on a sequential basis, resulting in lower trading volume market share, said the company. "Q2 was a test of durability for crypto companies and a complex quarter overall. Dramatic market movements shifted user behaviour and trading volume, which impacted transaction revenue, but also highlighted the strength of our risk management programme," said Coinbase. /IANS


Covid may up risk of developing Alzheimer's disease among the older
New York, Sep 14 : Older people who were infected with Covid-19 show a substantially higher risk -- as much as 50 per cent to 80 per cent higher than

India aims to leapfrog in quantum technology with industry's help: Minister
Mumbai, Sep 14 : As India embarks on its Techade journey, the government aims to build capabilities in quantum and high performance computing with the

Apple reportedly shipping iPhone 14 models with earlier iOS 16 version
San Francisco, Sep 14 : Tech giant Apple is reportedly shipping its next-generation iPhone 14 models with an earlier version of iOS 16. As noted