Cryptocurrency exchange Coinbase reported a decrease in revenue from the previous quarter Thursday, finding its customers were less engaged in trading crypto over the summer.

Company sales fell to $1.2 billion in Q3 2024 from $1.45 billion in the previous quarter, while coming in below analysts’ expectations of $1.26 billion, according to FactSet data. Meanwhile, Coinbase reported a $75 million profit compared to a $2 million loss a year ago.

“It was a solid quarter for the business across the three priorities we set forth early in the year: driving revenue, driving crypto utility, and driving regulatory clarity,” Anil Gupta, vice president of investor relations told Decrypt, adding it was the company’s fourth straight profitable quarter.

Coinbase’s stock price climbed as high as $279 in March, not long after Bitcoin’s price set an all-time high of around $73,000. While shares had since fallen to $211, as of Wednesday’s market close, the stock was still up 35% in price year-to-date. During after-hours trading, Coinbase’s stock price was down 4%, falling to $202 as of this writing.

The company attributed its decline in third-quarter revenue to decreased trading volumes, which clocked in at $185 billion compared to $226 billion in the second quarter. Representing the company’s main source of revenue, the dip was more pronounced among its retail customers.

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Author: André Beganski