Coinbase reported disappointing quarterly results with total revenue of $1.2 billion, missing analysts’ estimate of $1.3 billion and falling sharply from $1.5 billion a year ago. Transaction revenue dropped 21% year-over-year to less than $600 million. The exchange’s subscription and services revenue also declined for the third consecutive quarter, reaching $555 million. USDC stablecoins remain the company’s biggest revenue driver at $292 million. Coinbase shares fell approximately 7% in after-hours trading following the earnings report.
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