Coinbase topped analyst estimates for the third quarter on earnings and revenue, while falling short in total trading volume expectations.
The crypto exchange reported a third-quarter adjusted loss of $0.01 per share, compared to FactSet estimates for a loss of $0.55 per share, marking it the third consecutive earnings beat for Coinbase. Total revenue for the quarter was $674.1 million, beating analyst estimates of $650.9 million. Total trading volume in Q3, however, was just $76 billion versus the estimates of $80.1 billion and down from $92 billion in the previous quarter. Third-quarter transaction revenue was $288.6 million, falling 12% from $327 million in the previous quarter.Looking at the fourth quarter, the company said it generated about $105 million of transaction revenue in October.
Shares of Coinbase are down 5.5% in post-market action after rising 8.7% during the regular session. COIN is up about 131% this year, while the price of bitcoinThe leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a.
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