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.
CFTC Warns Youth: Don't Fall Prey to Crypto "Money Mule" Scams
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa