Coinbase Q3 Earnings: Cryptocurrency Exchange Posts Revenue Beat, Latest Bitcoin, Ethereum Volume And More
Portfolio Pulse from Chris Katje
Coinbase Global Inc (NASDAQ:COIN) reported Q3 total revenue of $674 million, beating the Street consensus estimate of $653.19 million. However, this was a 5% decrease from the previous quarter. Net revenue was $363 million, down 6% quarter-over-quarter. Bitcoin and Ethereum represented 38% and 19% of trading volume respectively. The company's shares were down 3.31% after-hours.
November 02, 2023 | 9:17 pm
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NEUTRAL IMPACT
Bitcoin represented 38% of trading volume for Coinbase in Q3.
Bitcoin's trading volume on Coinbase doesn't directly affect its price, but it shows the cryptocurrency's importance to the platform.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 60
NEUTRAL IMPACT
Ethereum represented 19% of trading volume for Coinbase in Q3.
Ethereum's trading volume on Coinbase doesn't directly affect its price, but it shows the cryptocurrency's importance to the platform.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Coinbase's Q3 revenue beat estimates but was down 5% QoQ. Shares fell 3.31% after-hours.
Despite beating revenue estimates, Coinbase's Q3 revenue was down 5% from the previous quarter, which may have contributed to the after-hours drop in share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100