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-term revenue diversification,” Coinbase said in its earnings report.
Recently Coinbase has introduced AI agents that can manage crypto wallets and interact with the blockchain on its Base network.
The stock fell 3.53% on the news and was trading at $204.90 per share in extended trading.
Teuta
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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