“Transaction revenue was significantly impacted by stronger macroeconomic and crypto market headwinds, as well as trading volume moving offshore,” Coinbase said in its letter to shareholders. Technology, developer, general and administrative expenses, including stock-based compensation, totaled $895 million, down from $1.1 billion and below the predicted $1 billion. Transaction expenses as a percentage of net revenue came in at 18%, down from 21% sales and marketing, including stock-based compensation of $76 million, down from $141 million and a predicted $100 million. The figure is still down by more than half from the $256 billion assets on the platform as of a year ago. Total trading volume in the quarter came in at $159 billion, down from $217 billion in the previous quarter.Įxpenses were down across the board and below the company’s previous outlook. In a surprising turnaround amid the ongoing crypto winter, Coinbase saw a rise in assets on its platform, ending the quarter at $101 billion, up from $96 billion in the second quarter. Trading volume in the quarter was $150 billion, down from $217 billion in the second quarter and $327 billion a year ago.
Analysts had been expecting 7.84 million.
Monthly transacting users in the quarter came in at 8.5 million, down from 9 million in the previous quarter but up from 7.3 million in the third quarter of last year. Analysts had expected an adjusted loss of $2.40 a share on revenue of $654 million. 30, Coinbase reported a loss before costs such as stock compensation of $2.43 a share on revenue of $590 million. rose slightly in late trading after the cryptocurrency exchange reported better-than-expected user numbers amid misses on its latest quarterly earnings and revenue.įor its fiscal third quarter that ended Sept.
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