Coinbase snaps losing streak with third-quarter profit on lower expenses
COIN•Coinbase Global reported third-quarter profit of $718.7 million, or $2.51 per share, as operating expenses fell 17% to $1.15 billion. Transaction revenue dropped 43% to $590.2 million.
1. Quarterly results
Coinbase Global reported a profit of $718.7 million, or $2.51 per share, for the quarter ended September 30, compared with $432.6 million, or $1.50 per share, a year earlier. The profit ended a three-quarter streak of losses.
2. Lower expenses, trading revenue
Operating expenses fell about 17% to $1.15 billion from $1.39 billion a year earlier. Transaction revenue dropped 43% to $590.2 million from $1.05 billion as cryptocurrency trading activity struggled to regain momentum.
