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Three is the number of consecutive quarters Coinbase has now missed Wall Street's estimates on both revenue and earnings. Thursday's second-quarter report added to that streak rather than breaking it.
The pattern behind the count Three consecutive dual misses, covering both revenue and earnings in the same quarter, rules out the kind of single-variable explanation that might reassure investors.
A pure cost problem would hurt earnings without necessarily hurting revenue. A trading slowdown might hit the top line while leaving margin structure intact.
When both lines miss together, three quarters running, the range of benign explanations shrinks.
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