Coinbase shares tumble as second-quarter revenue disappoints
Coinbase shares fell Thursday as second-quarter revenue fell shy of analysts' estimates. Gains in the cryptocurrency exchange's subscription revenue failed to offset weaker trading volumes. In the quarter ended June 30, Coinbase net income rose to $1.43 billion, or $5.14 per share, from $36.13 million, or 14 cents per share, a year ago. Earnings in the latest period benefited from a gain $1.5 billion related its Circle investment and $362 million from its crypto investment portfolio. On an adj