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.
Wall Street Bitcoin Giant MARA Flexes Mining Muscle with 14% Hashrate Surge
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!
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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.
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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.
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👉 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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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.
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24