Last Updated on November 3, 2023 by Bitfinsider
The cryptocurrency exchange revealed an adjusted loss of $0.01 per share for the third quarter, beating FactSet’s projection of a $0.55 loss per share for the third time in a row. The quarter’s total sales of $674.1 million above forecast projections of $650.9 million.
However, total trade volume in Q3 was only $76 billion, down from $92 billion in the previous quarter and below the predictions of $80.1 billion. Transaction revenue for the third quarter was $288.6 million, down 12% from $327 million in the same period last year.
Coinbase explained the decline in transaction revenue in its shareholder letter, blaming it on volatility and the general decline in cryptocurrency markets.
Regarding the fourth quarter, the business reported that its transaction revenue in October amounted to approximately $105 million. The cryptocurrency exchange also stated that, contrary to its prior objective of “improving” full-year 2023 adjusted EBITDA, it now intends to “generate meaningful” positive adjusted EBITDA for 2023.
Coinbase shares rose 8.7% during the regular session, but they are now down 5.5% in post-market activity. Compared to the price of bitcoin (BTC), which has increased by approximately 110% this year, COIN has increased in value by almost 131%.
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