BTC-Newswire

Coinbase narrows loss while crypto trading volumes fall in Q3

Press Releases Crypto News Cointelegraph Coinbase narrows loss while crypto trading volumes fall in Q3

Cryptocurrency exchange Coinbase narrowed its net loss to $2 million in the third quarter, as inotched a year-on-year increase in revenue despite lower trading volumes.

The firm’s net loss in Q3 was trimmed from a $545 million net loss in the prior year period, according to a Nov. 2 earnings statement.

Total revenue increased 14.2% year-on-year to $674.1 million, though quarter-on-quarter revenue fell 4.8%. The figure beat London Stock Exchange Group’s estimate of $653.2 million, according to a report from Reuters.

Of the total revenue, $334.4 million came from subscription and services (mostly stablecoin and blockchain rewards), while $288.6 million came from transaction-based revenues.

Our Q3’23 update is in.

Read the full shareholder letter and tune in to our earnings call here → https://t.co/fod43YZcAY pic.twitter.com/Iusjw1Uysx

— Coinbase ️ (@coinbase) November 2, 2023

Meanwhile, consumer trading volume came in at $11 billion, a fall from $26 billion in Q3 2022.

Institutional trading volumes came in at $65 billion, down from $78 million in Q2 and $133 million in Q3 2022.

These volumes have been trending downwards for five consecutive quarters.

Despite this, Coinbase said in a statement it was pleased with how the quarter played out:

“Q3 was a strong quarter for Coinbase. Amid multi-year low levels of volatility, we are pleased with our financial results.”

The exchange also produced a positive adjusted EBITDA for the third consecutive quarter — a sign that they’re building toward a “sustainable business” that can drive “long term growth,” it said.

Adjusted EBITDA stands for earnings before interest, taxes, depreciation and amortization and is a metric that provides analysts a means to make more meaningful comparisons to a variety of companies in the same industry.

Relate

Go to Source to See Full Article
Author: Brayden Lindrea

Did you like this?
Tip BTC Newswire with Cryptocurrency