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Coinbase Snaps Losing Streak with Third-Quarter Profit on Lower Expenses
Coinbase ended a three-quarter loss streak as operating expenses fell 17%, even though transaction revenue dropped 43% amid weaker crypto trading.
- On Thursday, Coinbase Global reported a quarterly profit of $718.7 million, snapping a three-quarter-long streak of losses driven by lower operating expenses.
- Total operating expenses fell about 17 per cent to $1.15 billion, while transaction revenue dropped 43 per cent to $590.2 million from $1.05 billion a year earlier.
- JPMorgan forecasts $173 billion in trading volume for the quarter, while Coinbase earns income from reserves backing USDC, the dollar-backed token issued by Circle Internet.
- Matthew Sigel, VanEck's head of digital assets, said "the obvious weak link is pricing" across the industry, as Robinhood Markets reported a 55% drop in crypto transaction revenue.
- Coinbase is expanding into derivatives and tokenized assets through its acquisition of Deribit, the largest crypto derivatives exchange, to diversify beyond volatile spot trading.
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16 Articles
16 Articles
Coinbase Returns to Profitability While Posting Another Revenue Drop
Coinbase Global Inc. returned to profitability for the first time in a year while posting a quarterly decline in revenue, showing how closely the largest US digital-asset platform’s fortunes remain wedded to crypto markets.
·New York, United States
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Coinbase snaps losing streak with third-quarter profit on lower expenses
·London, United Kingdom
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Coinbase Global (NASDAQ:COIN) Announces Quarterly Earnings Results
Coinbase Global (NASDAQ:COIN - Get Free Report) released its earnings results on Thursday. The cryptocurrency exchange reported $0.27 earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.50. Coinbase Global had a positive return on equity of 3.12% and a negative net margin of 15.72%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.21 billion.
·Sioux Falls, United States
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Coverage Details
Total News Sources16
Leaning Left1Leaning Right1Center6Last UpdatedBias Distribution75% Center
Bias Distribution
- 75% of the sources are Center
75% Center
13%
C 75%
12%
Factuality
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