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Coinbase stock sinks as weak crypto market leads to another quarterly loss
Coinbase Global (COIN) stock tumbled more than 12% on Friday, putting it on pace for its steepest one-day drop in nearly a year.
The move came after company posted a wider-than-expected second quarter net loss on Thursday, marking its third quarter in the red since the crypto market began to drawdown from its October highs. (Disclosure: Yahoo Finance has a partnership with Coinbase.)
The company reported a net loss of $359 million, or $1.36 per share. That compared to a profit of $1.43 billion, or $5.14, in the year-ago period. Analysts anticipated a net loss of $0.44 per share.
Coinbase's stock was down over 27% so far this year as of its closing Thursday price.
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