Coinbase reports better-than-expected user numbers even as third-quarter revenue plunges

In this photograph illustration, the Coinbase logo is displayed on a smartphone shield. Coinbase reported exploiter numbers that topped analysts ‘ estimates evening as third-quarter gross missed estimates and the cryptocurrency central had a wider-than-expected loss. The sprout popped in extended trade. here ‘s how the party did :

  • Earnings: Loss of $2.43 per share, adjusted, vs. loss of $2.40 per share as expected by analysts, according to Refinitiv.
  • Revenue: $590 million, vs. $654 million as expected by analysts, according to Refinitiv.

tax income plummeted more than 50 % from a year earlier as traders turned away from cryptocurrencies. The ship’s company ‘s financials turned confederacy, resulting in a loss of $ 545 million after Coinbase generated a profit of over $ 400 million a year earlier. “ transaction tax income was importantly impacted by stronger macroeconomic and crypto market headwinds, deoxyadenosine monophosphate well as trade volume moving offshore, ” Coinbase said in its investor letter. The stock has lost more than three-quarters of its respect this year due to a plunge in crypto prices couples with a retreat from the bad equities. Bitcoin, the most democratic cryptocurrency, is down more than 70 % from its all-time high in Nov. 2021. Coinbase ‘s drug user base has been declining throughout the year. The company said it had 8.5 million monthly transacting users ( MTUs ) during the one-third one-fourth, down from 9 million the prior period and 9.2 million in the first quarter. Analysts were expecting 7.84 million, according to StreetAccount. For the full year, Coinbase said its monthly exploiter number will be “ slenderly below ” 9 million. The company said it ‘s “ conservatively optimistic ” it will operate within the $ 500 million adjusted “ passing safety rail ” that it set for the year.

See also  Top 6 tango coin free in 2022

Read more : Total crypto market cap risks a dip below $1 trillion if these 3 metrics don’t improve

retail transaction tax income came in at $ 346.1 million, down from $ 1.02 billion a year earlier and below the $ 454.2 million consensus among analysts polled by StreetAccount. October trading bulk was $ 47 billion, and monthly users through October were roughly in-line with the third-quarter results, according to the file. Coinbase said that in the one-fourth quarter “ we expect lower trade volume and a similar number of MTUs compared to our Q3 results. ” After its stock market debut last year, Coinbase staffed up to meet soar demand for crypto trading tools and enthusiasm around emerging coins. But momentum completely reversed in 2022, forcing the company to slash head count. In June, Coinbase said it was eliminating 18 % of full-time jobs, translating into more than 1,000 cuts. Ethereum accounted for 33 % of trade volume in the stern, up from 22 % in the anterior time period, and 31 % came from bitcoin. however, only 24 % of transaction gross came from ethereum, while bitcoin accounted for 31 %, even with its volume. In September, ethereum underwent a years-in-the-making upgrade known as the unify, which was designed to cut the cryptocurrency ‘s energy consumption by more than 99 %.

Executives will discuss the results on a conference call starting at 5:30 p.m. ET. This news is breaking. Check back for updates. WATCH: Robinhood ‘s net pastime income jumps 73 % from prior quarter

source :
Category : Crypto News

Related Posts