Coinbase Global Inc. (NASDAQ:COIN) shares climbed after the company released its third-quarter earnings report after Thursday's closing bell, beating expectations on the top and bottom lines.
Here’s a look at the key details from the report.
- COIN stock is moving. See the real-time price action here.
The Details: Coinbase Global reported quarterly earnings of $1.44 per share, which beat the analyst estimate of $1.11 by 29.38%.
Quarterly revenue came in at $1.86 billion, which beat the analyst consensus estimate of $1.79 billion and was up from revenue of $1.2 billion from the same period last year.
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Coinbase reported the following third quarter highlights:
- Transaction revenue was $1 billion, up 37% Q/Q.
- Subscription and services revenue was $747 million, up 14% Q/Q.
- Total operating expenses declined $134 million or 9% Q/Q to $1.4 billion.
- Full-time employees increased 12% Q/Q to 4,795.
- Net income was $433 million, Adjusted Net Income was $421 million, and Adjusted EBITDA was $801 million.
“Q3 was a strong quarter for Coinbase. We drove solid financial results, maintained focus on shipping innovative products, and continued building the foundation of the Everything Exchange,” Coinbase CEO Brian Armstrong said in a letter to shareholders.
Outlook: Coinbase expects October transaction revenue to be approximately $385 million.
COIN Stock Price: According to data from Benzinga Pro, Coinbase stock was up 0.45% at $333.56 in Thursday's extended trading.
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