Coinbase stock fell in after-hours trading Wednesday after the cryptocurrency exchange reported third-quarter earnings and revenue that fell below Wall Street analysts’ estimates.
Based on FactSet data, the crypto exchange posted total revenue of $1.2 billion for the quarter, compared with an average estimate of $1.26 billion.
Crypto Winter Takes its Toll on Coinbase Earnings
Coinbase Global Inc. reported Wednesday that its fiscal 2024 third-quarter revenue was $1.2 billion, nearly doubling the number from the same period last year.
Excluding those items, the company said diluted earnings per share were $0.28, a significant rebound from a $0.01 a share loss in the year-earlier period. However, that was below what analysts had been expecting. Net income for the quarter rose to $75.5 million from a loss of $2.3 billion in the year-ago period.
“Despite softer market conditions, we saw average native unit growth across staking, on-platform USDC, and custody, which contributes to long-t
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