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Coinbase reports big jumps in profit and revenue

Net income jumped from $32 million in the second quarter of 2020 to $1.6 billion in the same period this year.

Coinbase CEO Brian Armstrong.

Coinbase reported a surge in second-quarter profits as revenue jumped elevenfold.

Photo: Michael Short/Bloomberg via Getty Images

Coinbase reported a surge in profit in the second quarter propelled by revenue that easily beat Wall Street projections.

The crypto marketplace posted a net income of $1.6 billion, compared to $32 million in the year-ago quarter. Revenue soared elevenfold to $2 billion from $178 million in the same quarter last year. Analysts were expecting revenue of $1.8 billion.

Coinbase said the quarter also saw big jumps in the prices of major cryptocurrencies, led by ether and bitcoin. But the company said the quarter also "illustrated the volatility we have anticipated in these still-early days in the cryptoeconomy."

Transaction revenues accounted for the vast majority of Coinbase's revenues, though the company pointed to growth in custody services and other revenue sources.

Benjamin Pimentel

Benjamin Pimentel ( @benpimentel) covers crypto and fintech from San Francisco. He has reported on many of the biggest tech stories over the past 20 years for the San Francisco Chronicle, Dow Jones MarketWatch and Business Insider, from the dot-com crash, the rise of cloud computing, social networking and AI to the impact of the Great Recession and the COVID crisis on Silicon Valley and beyond. He can be reached at bpimentel@protocol.com or via Google Voice at (925) 307-9342.

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