Summary by Moomoo AI
Coinbase Global reported strong financial results for Q2 2024, with total revenue reaching $1.45 billion, up 105% from $707.9 million in Q2 2023. Net revenue increased to $1.38 billion from $662.5 million year-over-year, while net income improved to $36.2 million compared to a net loss of $97.4 million in the same period last year. Transaction revenue grew 139% to $780.9 million, while subscription and services revenue rose 79% to $599.0 million.The company's operational metrics showed solid performance with Monthly Transacting Users (MTUs) increasing 12% year-over-year to 8.2 million. Trading Volume surged 146% to $226 billion, driven by higher crypto asset prices and increased market share in the U.S. The platform's revenue diversification continued with meaningful contributions from stablecoin revenue through USDC and blockchain rewards.Looking ahead, Coinbase remains focused on driving revenue growth through international expansion and deeper USDC integration, enhancing crypto utility through stablecoins and Base platform development, and working towards achieving regulatory clarity. The company maintains a strong financial position with $7.23 billion in cash and cash equivalents as of June 30, 2024, while continuing to invest in product innovation and regulatory compliance.
