(Corrects to million from billion in paragraph 5)
July 30 (Reuters) – Cryptocurrency exchange Coinbase Global on Thursday recorded a third consecutive quarter of losses, hurt by lower transaction revenue as a prolonged downturn in crypto markets curbed trading activity.
Shares of the crypto exchange were down 4.9% in trading after the bell.
Cryptocurrency markets came under pressure during the April-to-June quarter as investors shunned riskier assets amid uncertainty over U.S. interest rates, geopolitical tensions and persistent outflows from crypto investment products.
The weakness extended a retreat from record highs reached in October.
Coinbase’s transaction revenue dropped 21% to $599 million during the quarter, from $764 million a year earlier.
The company reported a loss of $359.5 million, or $1.36 per share, for the quarter ended June 30, compared with a profit of $1.43 billion, or $5.14 per share, a year earlier.
(Reporting by Rishab Shaju and Prakhar Srivastava in Bengaluru; Editing by Sahal Muhammed)
