Cryptocurrency exchange Coinbase reported a third-quarter loss of $2.2 million on Thursday, and shares fell during after-hours trading as the firm posted better-than-expected financial results for the third time this year.

On a per-share basis, the exchange lost $0.01 on $674 million in revenue, while analysts expected a loss of $0.70 on $670 million in revenue for the quarter. Coinbase’s shares, which trade on Nasdaq under the COIN ticker, were down 4% to $81 during after-hours trading.

During the same period a year ago, the San Francisco-based firm lost $545 million, amid a lull in cryptocurrency prices and shrinking revenue from transactions on its platform. But it appears customers could be warming up from Crypto Winter.

“If we look back to the early years of the internet, the companies that ignored the noise and built for the future of the internet now stand as tech giants,” Coinbase CEO Brian Armstrong said during an earnings call today. “The on-chain companies of today will be the tech giants of tomorrow.”

In a letter to shareholders, the crypto exchange highlighted $105 million in transaction revenue for October. Still, it urged investors to be cautious about “extrapolating these results.”

In the third quarter, Coinbase reported transaction revenue of $289 million, a consecutive dip compared to $327 million in the three months through June. Dean Kim of Will

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Author: André Beganski

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