Crypto Crash Takes $1B Bite Out of Coinbase in Q2

Financial Daily Dose 8.10.2022

August 10, 2022

As the crypto annus horribilis marches on, the largest cryptocurrency exchange in the U.S.—Coinbase—finds itself dragged down by as well. On Tuesday, the company reported a 63% decline in revenue and “swing to a net loss of $1.1 billion, compared with profits of $1.6 billion a year ago” - NYTimes and WSJ and Bloomberg and MarketWatch and TechCrunch

Sources with knowledge have revealed that the Department of Justice is preparing to sue Google parent Alphabet as soon as September over allegations that it “illegally dominates the digital advertising market.” DOJ antitrust investigators are reportedly in the midst of “questioning publishers in another round of interviews to refresh facts and glean additional details for the complaint” - Bloomberg and MarketWatch and NYTimes and TechCrunch

CPI report day. But seriously, who’s even keeping track of inflation? [Riiiiiiight] - NYTimes and WSJ and MarketWatch

A San Francisco federal jury has convicted former Twitter employee Ahmad Abouammo on six counts related to “accusations that he spied on the company’s users for Saudi Arabia.” Abouammo handled media partnerships across the Middle East and North Africa while working at Twitter and allegedly “shared the personal user information of dissidents with Saudi officials” - NYTimes and WSJ and Bloomberg and MarketWatch

Walmart is kicking around new deals with “major media companies”—including Paramount, Disney, and Comcast—to include “streaming entertainment in its membership service,” the latest in the retailers efforts “to extend its relationship with customers beyond its brick-and-mortar stores” - NYTimes and WSJ

Stocks were down slightly yesterday, but after a nasty start to the year, equities have largely “roared back” from lows just months ago “as investors bet that inflation has peaked, even as the Federal Reserve signals that its campaign to cool the economy by raising interest rates isn’t over” - NYTimes

Microsoft will turn to belt tightening (easy on those travel and party plans, folks) in an effort to “control costs in the current economic environment.” The company has also “frozen hiring in some parts” of its operations and is planning targeted layoffs as well - WSJ

Chipotle has agreed to pay New York upwards of $20 million to resolve claims that it violated city Fair Workweek Law rules by not giving employees sufficient notice of scheduling, time off between shifts on consecutive days, and sick leave - NYTimes and WSJ

Peter Schiff has reportedly reached a deal with Puerto Rico’s banking regulators under which he will liquidate his troubled Euro Pacific Bank, “a boutique online bank based in San Juan.” Euro Pacific became mired in “an international investigation into whether it had done due diligence on its account holders” in 2020, and regulators have suspending banking operations since late June over “serious insolvency” concerns - NYTimes

A worthy 5 minutes on learning how to fall out of love with our lawn obsession - NYTimes

Stay safe,
MDR

 

The Robins Kaplan Financial Daily Dose features top stories and latest news headlines in financial markets, banking, securities and technology topics.