Coinbase (COIN) earnings Q3 2021

Coinbase, the biggest cryptocurrency exchange in the U.S., reported third-quarter earnings just after the bell on Tuesday and missed analysts’ estimates on revenue. The stock sank more than 13% in extended trading.

Here’s how Coinbase did when compared with analyst estimates:

  • Earnings: $1.62 a share
  • Revenue: $1.31 billion vs. $1.57 billion consensus estimate, in accordance to Refinitiv

Coinbase stated month to month transacting end users fell from the prior period, dropping to 7.4 million from 8.8 million in the next quarter. The selection was up from 6.1 million a 12 months earlier. Buying and selling quantity fell to $327 billion from $462 billion in the earlier quarter.

“As our calendar year-to-day results have clearly demonstrated, our organization is volatile,” the firm mentioned in its shareholder letter. “Coinbase is not a quarter-to-quarter expense, but relatively a prolonged-term investment decision in the progress of the cryptoeconomy and our skill to provide people through our products and solutions and solutions. We stimulate our buyers to consider this level of see.”

Significantly of the firm’s accomplishment hinges on the overall performance of electronic belongings like bitcoin. Coinbase reported in August it expected lower investing quantity and monthly transacting people in the 3rd quarter following crypto belongings dipped throughout the summer season.

On Monday, bitcoin hit a new all-time high of $68,000, and ethereum set a new report, topping $4,800. Coinbase stated in the report that bitcoin accounted for 19% of investing volume, and ethereum accounted for 22%. The remaining 59% came from other crypto belongings, an maximize from 50% in the second quarter.

Belongings on the platform swelled to $255 billion from $180 billion at the conclusion of June. About 55% of that is from institutional traders with the rest from retail.

Coinbase held its stock market debut in April at $381 a share and was briefly valued at large as $100 billion, on a entirely diluted foundation. The stock sank below $221 in July but has rallied substantially in the past thirty day period, closing on Tuesday at $357.39.

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