Coinbase Global (COIN) came just shy of revenue estimates, posting $1.2 billion in total revenue for the quarter, while missing on adjusted EPS (earnings per share) for the quarter.
Coinbase Global (COIN) posted total revenue of $1.2 billion for the quarter, which came just shy of analyst estimates. However, the cryptocurrency exchange managed to beat expectations on net income, driven by a strong performance in institutional trading.
"The actual trading volumes were down in the quarter, but we knew that. What we didn't know was what the mix would be between institutional and retail [investors]."
Citizens JMP Director of Financial Technology Research Devin Ryan had this to say about the Coinbase third quarter results.
Coinbase managed to turn a profit on this print as bitcoin (BTC-USD) and the crypto space have rallied nearing the 2024 presidential election.
“Coinbase is still adapting its revenue to the spending cuts that they put in place earlier in 2023,” Ryan tells Julie Hyman and Josh Lipton.
Catch Devin Ryan react to trading platform Robinhood Markets' (HOOD) third quarter earnings results.
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This post was written by Luke Carberry Mogan.
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