Cryptocurrency trading platform Coinbase Global Inc (NASDAQ:COIN) reported third-quarter financial results after the market close Thursday.
Coinbase reported third-quarter total revenue of $674 million, which was down 5% quarter-over-quarter. The revenue beat a Street consensus estimate of $653.19 million, according to data from Zenger News Pro.
Net revenue was $363 million in the third quarter, which was down 6% quarter-over-quarter.
The company reported transaction revenue of $288.6 million, down 12% quarter-over-quarter.
Subscription and services revenue was $334.4 million, which was flat compared to the second quarter and came in ahead of internal estimates, Coinbase said.
Bitcoin (CRYPTO: BTC) represented 38% of trading volume and 37% of transaction revenue for Coinbase in the third quarter, compared to 40% and 39%, respectively, in the second quarter.
Ethereum (CRYPTO: ETH) represented 19% of trading volume and 18% of transaction revenue for Coinbase in the third quarter, compared to 23% and 21%, respectively, in the second quarter.
“Q3 was a strong quarter for Coinbase. Amid multi-year low levels of volatility, we are pleased with our financial results,” the company said in a shareholder letter.
Guidance from the company calls for subscription and services revenue to be flat quarter-over-quarter in the fourth quarter. The company said it had transaction revenue of $105 million in the month of October.
“We are on track to deliver meaningful positive Adjusted EBITDA for 2023, reflecting the direction we set at the beginning of the year to be a company that can generate Adjusted EBITDA in all market conditions,” the company said.
The company said its goal remains to “build the best products and services that will bridge the divide between the traditional financial system and the cryptoeconomy.”
Coinbase also said it is actively involved in driving regulation clarity for the cryptocurrency sector.
Coinbase shares were down 3.31% after-hours Thursday at $81.80 versus a 52-week trading range of $31.55 to $114.43.
Produced in association with Benzinga
