Olga Kharif / Bloomberg : Coinbase reports Q3 revenue down 35% YoY to $1.22B, in line with est., and net income up 66% to $719M, its first profit in a year, on unrealized crypto gains — Coinbase Global Inc. returned to profitability for the first time in a year while posting a quarterly decline in revenue …
Coinbase reports Q3 revenue down 35% YoY to $1.22B, in line with est., and net income up 66% to $719M, its first profit in a year, on unrealized crypto gains (Olga Kharif/Bloomberg)
In short
The company recorded $1.22 billion in third-quarter revenue, matching consensus estimates despite representing a 35% drop from the prior year. Meanwhile, net income rose 66% to reach $719 million. This milestone marked the company's first profitable quarter in a full year. The sudden surge in net profitability was driven primarily by unrealized crypto gains.
Key points
- Quarterly revenues met market expectations despite falling significantly on a year-over-y…: Quarterly revenues met market expectations despite falling significantly on a year-over-year basis.
- The company secured its first profitable quarter in a year thanks to surging net income.: The company secured its first profitable quarter in a year thanks to surging net income.
- Bottom-line performance was heavily bolstered by paper gains stemming from digital asset…: Bottom-line performance was heavily bolstered by paper gains stemming from digital asset holdings.