Coinbase Disappoints With User Forecast, Revenue Miss

Coinbase Global Inc. posted a record $1.1 billion second-quarter loss and lower-than-expected revenue as the largest US cryptocurrency exchange was battered by tumbling digital-asset prices.

Shares of the company, which were first listed last April, dropped about 6% in US premarket trading. Coinbase has slumped 65% so far this year amid what has been labeled as the latest “crypto winter.”