The crypto bear market has made a number of listed companies in the crypto industry miserable.
The second quarter of the year was arguably the worst three months in the history of cryptocurrencies. The so-called stablecoin called TerraUSD and Luna crashed. The turmoil spread quickly, with once-booming crypto companies slashing jobs, halting mergers and barring customers from withdrawing funds. The total value of the cryptocurrency market plunged 56% during the quarter. Affected by a series of events, the performance of many crypto-listed companies in the second quarter of 2022 is not satisfactory.
Coinbase’s second-quarter net loss tops $1 billion
On August 10, cryptocurrency exchange Coinbase announced its second quarter financial results for fiscal 2022.
The report shows that Coinbase’s second-quarter net revenue was $803 million, a sharp drop from $2.033 billion in the same period last year; its net loss was $1.094 billion, compared with $1.606 billion in the same period last year; Diluted net loss attributable to common stockholders was $1.100 billion, compared with a diluted net profit attributable to common stockholders of $1.593 billion in the same period last year; diluted net loss per share attributable to common stockholders was $4.98, This compares with net income per diluted share attributable to common stockholders of $6.42 a year earlier.
Coinbase’s second-quarter net revenue and diluted earnings per share missed Wall Street analysts’ expectations, sending its shares down nearly 5 percent after hours.
Coinbase had 103 million verified users in the second quarter, nearly tripling from 36 million in the second quarter of 2020. The number of monthly transacting users (MTUs) in the second quarter was 9 million, up from 8.8 million in the same period a year earlier, but down from 9.2 million in the first quarter of 2022.
CleanSpark net loss of $29.3 million
Bitcoin miner CleanSpark posted a net loss of $29.3 million in the quarter ended June, compared with a net loss of $170,000 in the previous quarter. In…