After the bell today, Coinbase reported another period of impressive results in its second quarter earnings report.
During the quarter, Coinbase’s total revenue reached $2.23 billion, which helped the company generate net income of $1.61 billion in the three-month period. The company benefited from a one-time line item worth $737.5 million, which stemmed from what Coinbase described as a “tax benefit” from its direct listing earlier the quarter.
This puts us in the odd position of leaning more heavily on the company’s adjusted EBITDA metric, a figure that we usually discount, rather than the stricter net income result. This quarter the adjusted metric is actually a bit clearer regarding