Data: Coinbase's second-quarter revenue was $707.9 million, a year-on-year decrease of 12.4%

ChainCatcher news, Coinbase stated in its Q2 2023 shareholder letter that its revenue for the second quarter was $707.9 million, exceeding analyst expectations, compared to $808.3 million in the same period last year. At the same time, Coinbase generated $151 million in USDC stablecoin interest income, down from $199 million in the first quarter. In terms of transaction fees, Coinbase generated $327 million in the second quarter, compared to $655 million in the same period last year. The trading volume in the second quarter fell to $92 billion, down from $217 billion in the same period last year. Coinbase stated that its recurring operating expenses decreased "by nearly 50%" year-over-year, partly due to a 30% reduction in staff.