Coinbase Global (NASDAQ:COIN) shares fell 4.5% in Tuesday after-hours trading after it guided for less trading volume alongside a smaller amount of monthly active users on its crypto trading platform in Q3 vs. Q2 in the wake of a cyclical market rout. "We are working hard to operate within the $500 million Adjusted EBITDA loss guardrail that we communicated for 2022," the exchange said in its shareholder letter. "Clearly, we are operating through stressed market conditions, but based on the expense management initiatives taken in Q2, we are cautiously optimistic about our ability to operate within this guardrail," assuming the crypto market cap doesn't fall "meaningfully" below July levels "and that we do not see changes in our current customer behaviors."For 2022, Coinbase (COIN) sees average MTUs of 7.0M-9.0M compared with its previous target of 5.0M-15.0M. Technology & development and general & administrative expenses are targeted to be $4.0B-4.25B vs. $4.25B-5.25B in the prior guidance. Transaction expenses are still expected to be in the low 20% range.In the second quarter, trading volume and transaction revenue was hit hard due to "a shift in customer and market activity, driven by macroeconomic and crypto credit factors alike," it said.Q2 net revenue of $802.6M fell short of the average analyst estimate of $868.4M and dropped from $2.03B a year ago. Adjusted EPS of -$4.98 missed the consensus of -$1.23 and slid ...
