Monitors show Coinbase signage during the company's archetypal nationalist offering (IPO) astatine the Nasdaq MarketSite successful New York, connected Wednesday, April 14, 2021.
Michael Nagle | Bloomberg | Getty Images
Coinbase Wednesday reported weaker-than-expected third-quarter results, weighed down by muted trading successful the cryptocurrency market.
The banal fell much than 6% successful extended trading.
Here's what the institution reported for the 3rd 4th compared with what Wall Street expected, according to a survey of analysts by LSEG:
- Earnings per share: 28 cents vs. 41 cents expected
- Revenue: $1.21 cardinal vs. $1.26 cardinal expected
Coinbase, which operates the largest U.S. marketplace for buying and selling cryptocurrencies, reported nett income of $75.5 million, oregon 28 cents per share, compared with a year-ago nonaccomplishment of $2.3 million, oregon 1 cent a share.
Net income successful the latest 4th included $121 cardinal successful pretax losses connected Coinbase's crypto concern portfolio, the immense bulk of which were unrealized, arsenic crypto prices were little connected Sept. 30 compared with June 30.
Within its halfway business, gross from retail trading grew 98% to $483.3 cardinal from the erstwhile year, portion organization gross brought successful $55.3 cardinal during the quarter, a 292% summation from the aforesaid play a twelvemonth ago. Total transaction gross was $572.5 million, a 98% leap year-over-year.
Revenue from Coinbase's subscription and services – which includes stablecoins, staking and leverage for Prime traders among different things – saw a much humble diminution of 7% to $556.1 million.
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