The exchange managed to narrow down its net loss to $2 million.
The transaction revenue from the quarter dipped 12 percent.
Coinbase Global (Nasdaq: COIN) has managed to beat the market estimates with its third-quarter revenue of $674.1 million and an adjusted loss of $0.01 per share. However, shares of the crypto exchange plummeted nearly 5 percent due to the missed total trading volume expectations.
Mixed Q3 Results of Coinbase
According to the official figures published yesterday (Thursday), the total trading volume between July and September amounted to $76 billion, falling short of the estimated $80.1 billion. The figure also slipped from $92 billion in the previous quarter.
Transaction revenue for the third quarter reached $288.6 million, reflecting a 12 percent decline quarter-over-quarter. Coinbase attributed the drop in transaction revenue to the overall decline in the crypto markets and increased volatility.
The crypto exchange, which went public in April 2021, reported its seventh consecutive quarter of losses. However, it significantly narrowed down the net loss to $2 million, down from $97 million in the previous quarter. Adjusted EBITDA for the quarter stood at a positive $181 million, a decrease from the previous quarter’s $194 million.
In a letter to Coinbase shareholders, it was stated: “We anticipate that we will generate meaningful positive Adjusted EBITDA in full-year 2023, revised from our prior goal of improving full-year 2023 Adjusted EBITDA in absolute dollar terms versus full-year 2022.”
The California-based exchange managed to lower its operating expenses by 4 percent, totaling $754 million. Costs related to technology & development, sales & marketing, and general & administrative expenses collectively decreased 1 percent to $654 million.
Meanwhile, with the latest crypto rally, Coinbase has already generated approximately $105 million of transaction revenue in October.
Markets React Strongly
As a publicly listed company, Coinbase's performance and the optimism of its inventors directly impact its share price. Nasdaq-listed COIN gained about 9 percent at the close of Thursday's trading session. However, following the release of the numbers after that market closed, the cryptocurrency exchange's shares declined by roughly 5 percent in after-hours trading.
Coinbase is currently embroiled in a legal dispute with the US Securities and Exchange Commission (SEC), which has accused the exchange of operating an illegal trading platform and listing unregistered securities.
Faced with regulatory hostilities in its home country, the American exchange is bolstering its international presence. It has designated Ireland as its primary global regulatory hub and has submitted a license application to the Central Bank of Ireland. Additionally, it has obtained licenses in jurisdictions such as Singapore and Bermuda.
Coinbase Global (Nasdaq: COIN) has managed to beat the market estimates with its third-quarter revenue of $674.1 million and an adjusted loss of $0.01 per share. However, shares of the crypto exchange plummeted nearly 5 percent due to the missed total trading volume expectations.
Mixed Q3 Results of Coinbase
According to the official figures published yesterday (Thursday), the total trading volume between July and September amounted to $76 billion, falling short of the estimated $80.1 billion. The figure also slipped from $92 billion in the previous quarter.
Transaction revenue for the third quarter reached $288.6 million, reflecting a 12 percent decline quarter-over-quarter. Coinbase attributed the drop in transaction revenue to the overall decline in the crypto markets and increased volatility.
The crypto exchange, which went public in April 2021, reported its seventh consecutive quarter of losses. However, it significantly narrowed down the net loss to $2 million, down from $97 million in the previous quarter. Adjusted EBITDA for the quarter stood at a positive $181 million, a decrease from the previous quarter’s $194 million.
In a letter to Coinbase shareholders, it was stated: “We anticipate that we will generate meaningful positive Adjusted EBITDA in full-year 2023, revised from our prior goal of improving full-year 2023 Adjusted EBITDA in absolute dollar terms versus full-year 2022.”
The California-based exchange managed to lower its operating expenses by 4 percent, totaling $754 million. Costs related to technology & development, sales & marketing, and general & administrative expenses collectively decreased 1 percent to $654 million.
Meanwhile, with the latest crypto rally, Coinbase has already generated approximately $105 million of transaction revenue in October.
Markets React Strongly
As a publicly listed company, Coinbase's performance and the optimism of its inventors directly impact its share price. Nasdaq-listed COIN gained about 9 percent at the close of Thursday's trading session. However, following the release of the numbers after that market closed, the cryptocurrency exchange's shares declined by roughly 5 percent in after-hours trading.
Coinbase is currently embroiled in a legal dispute with the US Securities and Exchange Commission (SEC), which has accused the exchange of operating an illegal trading platform and listing unregistered securities.
Faced with regulatory hostilities in its home country, the American exchange is bolstering its international presence. It has designated Ireland as its primary global regulatory hub and has submitted a license application to the Central Bank of Ireland. Additionally, it has obtained licenses in jurisdictions such as Singapore and Bermuda.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!