Coinbase, a major player in cryptocurrency exchange, experienced an 18% drop in shares after releasing its third-quarter report.
Coinbase has released a middling profit statement according to the Q3, 2024 report by Coinbase. Sluggish crypto trading drove revenue below expectations, leaving investors disappointed. Despite this setback, Coinbase outlined growth points and strategic advancements, presenting a broader view of its performance.
Source: Coinbase
In Q3, Coinbase posted $1.2 billion in total revenue, reflecting a 17% decline from the prior quarter. Transaction revenue, central to earnings, dropped 27% to $573 million, impacted by an 18% decrease in total trading volume across the US spot market, a primary revenue source. Quarterly trading volume hit $185 billion, a noticeable dip from $226 billion in Q2.
Yet, some results remained positive. Coinbase achieved its seventh straight quarter of positive Adjusted EBITDA,…
