Shares of Coinbase COIN.O were down 5% at $154.74 in aftermarket trading.
The cryptocurrency exchange recorded a third consecutive quarter of losses, hurt by lower transaction revenue as a prolonged downturn in crypto markets curbed trading activity.
It posted a quarterly loss of $359.5 million, or $1.36 per share, compared with a profit of $1.43 billion, or $5.14 per share a year earlier.
Revenue declines as trading activity weakens
COIN transaction revenue dropped 21% to $599 million during the quarter, from $764 million a year earlier.
Q2 total revenue at COIN fell 18.5% to $1.22 billion.
As of the last close, the stock was down about 28% year to date.
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