coindesk.com
Coinbase (COIN) beat analysts' estimates for the third quarter 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 a net loss of $0.55 per share estimate, according to FactSet, marking it the third consecutive earnings beat for Coinbase.
However, Coinbase's total trading volume took a hit to 76 billion in the quarter versus the estimate of 80.1 billion and 92 billion in the previous quarter.
The total revenue for the quarter was $674.1 million, beating analyst estimate of $650.9 million. The third quarter transaction revenue was $288.6 million, falling 12% from $327 million in the previous quarter. Coinbase said in its shareholder letter that transaction revenue fell due to decline in overall crypto market-cap and volatility.
For the fourth quarter outlook, the company said it generated about $105 million of transaction revenue in October. The crypto exchange said it expects to "generate meaningful" positive adjusted Ebitda for 2023, a slight revision from previous goal of "improving" full-year 2023 adjusted Ebitda.
Shares of Coinbase fell slightly after the results were announced. Shares of Coinbase are up about 131% this year, while the price of bitcoin (BTC) has risen more than 110% over the same time period.
Coinbase will host earnings call at 5:30 pm ET.