Coinbase Q3 revenue of $1.21 billion, plans to repurchase up to $1 billion in shares
2024-10-30 23:47:32
Odaily News Cryptocurrency exchange COIN.US reported lower-than-expected third-quarter results on Wednesday. Although the company said trading in the fourth quarter may be more active, the decline in Ethereum prices in October may offset the growth of subscription and service businesses in the current quarter. As of press time, Coinbase's U.S. stocks fell more than 4% after the market on Wednesday. According to the financial report, Coinbase's total revenue in Q3 was US$1.21 billion, a year-on-year increase of 79% and a month-on-month decrease of 17%, which was lower than the average analyst expectation of US$1.26 billion; net profit attributable to common shareholders was US$75.459 million, compared with a net loss of US$2.265 million in the same period last year; diluted earnings per share were US$0.28, lower than the average analyst expectation of US$0.40, and a loss of US$0.01 per share in the same period last year. By business: trading revenue was US$573 million, a year-on-year increase of 98% and a month-on-month decrease of 27%; among them, retail trading revenue was US$483 million and institutional trading revenue was US$55.3 million. Subscription and service revenue was US$556 million, a year-on-year increase of 66% and a month-on-month decrease of 7%. Coinbase's stablecoin revenue reached $247 million in the third quarter, up 43% year-on-year and 3% month-on-month. In addition, Coinbase announced a stock repurchase plan of up to $1 billion. Looking ahead, Coinbase expects subscription and service revenue to be between $505 million and $580 million in the fourth quarter. Coinbase expects revenue growth in this business to be flat due to unfavorable factors such as the 10% drop in Ethereum prices in October compared to the average price in the third quarter, as well as interest rate cuts that reflect market expectations.
Download Odaily App
Let Some People Understand Web3.0 First
