Coinbase reported its second quarter earnings Thursday afternoon after the bell, beating market estimates.

During Q2, the second largest crypto exchange by trading volume generated total revenues of $707.9 million, down from $772.5 in the previous quarter and $808.3 million in the year-ago quarter. It also had a $97 million net loss and generated a positive adjusted EBITDA of $194 million during the quarter.

It was a mixed bag of estimates from analysts prior to the earnings report. Some expected lower results, while others were optimistic. But now crypto bulls and company shareholders alike can breathe a sigh of relief.

“One year ago in Q2 2022, we started reducing our expense base to operate more efficiently. One year later, we’re proud to say that our quarterly recurring operating expenses have dropped nearly 50% Y/Y,” the company said in its Q2 2023 shareholder letter.

In after-hours trading, shares of Coinbase rose 7% to about $96.70 after its earnings were posted, but retracted 2% to around $89 at the time of publication. Coinbase’s stock is up about 170% year-to-date.

As of June 30, 2023, Coinbase had $92 billion in quarterly volume traded, $128 billion assets on its platform, according to its website. The firm’s Q1 earnings reported in May posted $773 million in revenue.