Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets
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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