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Cryptocurrency exchange Coinbase announced its Q3 revenue. While the company’s revenue decreased 4.7% compared to the previous quarter, it increased 14.2% compared to the same period last year, reaching $674.1 million.
Expectations regarding the exchange’s corporate earnings report were insufficient. Analysts had expected quarterly revenue to be $651 million, but Coinbase stated that it had a strong quarter, exceeding this estimate.
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Coinbase’s net loss, which was announced as $2 million in the previous quarter, saw a significant improvement compared to the $545 million loss in the same period last year.
There was a significant drop in market volatility, which dragged down the company’s revenues. Coinbase stated, “The volatility of crypto assets, another driving force of revenue, continued to decline in the third quarter and reached the lowest level we have measured since 2016.”
Meanwhile, Coinbase USDC stablecoin interest income rose to $172 million in the Q3. This figure left behind the $151 million USDC interest income earned in the second quarter.
Making forecasts for the current quarter, Coinbase stated, “We estimate that we will generate significant positive Adjusted EBITDA throughout 2023.”
As the decrease in trading volumes continues, Coinbase expects fourth quarter transaction revenues to remain “stable” compared to this quarter.
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