Coinbase Global Inc (NASDAQ:COIN) reported financial results for the second quarter after the market close on Thursday. Here’s a rundown of the report.

Q2 Earnings: Coinbase reported second-quarter revenue of $1.449 billion, beating the consensus estimate of $1.396 billion. The company reported quarterly earnings of 14 cents per share. Coinbase has now beat analyst estimates in six consecutive quarters, according to Benzinga Pro.

Total revenue was down 11% on a quarter-over-quarter basis. Transaction revenue decreased 11% quarter-over-quarter to $781 million. Subscription and services revenue increased 17% quarter-over-quarter to $599 million. Coinbase noted it’s “making good progress” on diversifying its revenue streams.

Bitcoin (CRYPTO: BTC) represented 35% of trading volumes and 31% of transaction revenues in the second quarter. Total trading volumes were down 28% quarter-over-quarter. Consumer trading volume was down 34% quarter-over-quarter and institutional trading volume was down 26% quarter-over-quarter.

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Outlook: Coinbase expects third-quarter subscription and services revenue to be between $530 million and $600 million. 

“Our Q3 range reflects some modest headwinds, including a 3% decline in the average price of Ethereum in July as compared to the Q2 average, expectations of a September rate cut, an increase in expenses related to USDC as we work to drive global adoption of USDC as the most compliant stablecoin, and a one-time $8M blockchain rewards revenue benefit in Q2,” the company said in a letter to shareholders.

Management will hold a conference call to discuss these financial results at 5:30 p.m. ET.

COIN Price Action: Coinbase shares were up approximately 20% year-to-date heading into the print. The stock was up 1.43% in after hours, trading at $216 at the time of publication, according to Benzinga Pro.

Photo: Courtesy of Coinbase.