Coinbase's net loss in the second quarter of 2023 was $97 million, or $0.42 per share, which was significantly better than analysts' expectations ($0.76). In the post-trading session, securities fell by 1%.

Initially, quotes reacted with growth of 9.1%. Since the beginning of the year, Coinbase shares have risen in price by 156.4%.

For the same period in 2022, the company recorded a net loss of $1.1 billion, in the first quarter of 2023 - $78.9 million. The negative dynamics lasted for the sixth quarter in a row.

Cost-cutting measures helped mitigate the negative financial result, with total operating expenses falling by 47.6% YoY (from $1.48 billion to $773 million) and by 13% QoQ due to investment optimization and layoffs.