Coinbase releases Q3 financial report: Revenue exceeds expectations, losses narrow, while trading volume and income decline.

BlockBeats News, November 3rd, according to CoinDesk, Coinbase's Q3 revenue was $674.1 million, exceeding analysts' expectations of $650.9 million. The Q3 adjusted loss per share was $0.01, surpassing analysts' predicted loss per share of $0.55. On the other hand, the total trading volume in Q3 was only $76 billion, lower than the expected $80.1 billion and lower than the previous quarter's $92 billion. Q3 trading revenue was $288.6 million, a 12% decrease from the previous quarter's $327 million. In a letter to shareholders, Coinbase pointed out that the overall decline and volatility of the cryptocurrency market were the reasons for the decline in trading revenue. Coinbase also stated that although Q3 was still a net loss, it is expected to achieve adjusted net profit for the full year 2023. Coinbase's stock price rose 8.7% during regular trading hours today and fell 5.5% in after-hours trading. So far this year, COIN's stock price has risen by about 131%, while the price of Bitcoin (BTC) has risen by about 110% in the same period.