Cryptocurrency platform Coinbase Global Inc COIN reported financial results after market close Tuesday. Here are the key highlights.
What Happened: Coinbase had third-quarter revenue of $1.24 billion. The total came in shy of a Street estimate of $1.57 billion.
Revenue declined from the previous two quarters of the fiscal year with totals of $1.6 billion and $2 billion in the first two quarters respectively.
The company reported 7.4 million monthly transacting users, up year-over-year but down from 8.8 million in the second quarter.
Bitcoin BTC/USD was 19% of trading volume in the third quarter, compared to 24% in the second quarter. Ethereum ETH/USD was 22% of trading volume in the third quarter, compared to 26% in the second quarter.
Third-quarter trading volume totaled $327 billion, down from $462 billion in the previous quarter.
What’s Next: Coinbase reminded investors that the company is focused on long-term growth and not being a quarter-to-quarter investment as it grows the crypto-economy.
“Market conditions improved meaningfully later in the quarter which we have continued to see into early Q4,” the company said.
Coinbase sees monthly transacting users rising in the fourth quarter compared to the third quarter at a range of 8 million to 8.5 million.
COIN Price Action: Coinbase shares are down 10.20% to $321 in after-hours trading Tuesday.
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