Coinbase sees crypto volumes falling

[MongiIG]

With less people trading less year over year, Coinbase reported a disappointing third quarter earnings sheet. As IGTV’s Jeremy Naylor explains revenue was down more than 50% from 2001.

 

 

 

 

[nicholascam]

Coinbase said it had a net loss of $544.6 million for the three months ended Sept. 30, or $2.43 per diluted share, compared with a profit of $406.1 million, or $1.62 per diluted share, a year earlier.

"Transaction revenue was significantly impacted by stronger macroeconomic and crypto market headwinds, as well as trading volume moving offshore," the company said in a shareholder letter.

[NancyBin]

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[nicholascam]

On 14/11/2022 at 10:48, nicholascam said:

Coinbase said it had a net loss of $544.6 million for the three months ended Sept. 30, or $2.43 per diluted share, compared with a profit of $406.1 million, or $1.62 per diluted share, a year earlier.

"Transaction revenue was significantly impacted by stronger macroeconomic and crypto market headwinds, as well as trading volume moving offshore," the company said in a shareholder letter.

 U.S. cryptocurrency exchange Coinbase Global Inc (COIN.O) on Thursday reported a third-quarter loss as high inflation, rising interest rates and geopolitical tensions weakened demand for risky assets, sapping trading volumes for digital currencies like bitcoin.

Coinbase said it had a net loss of $544.6 million for the three months ended Sept. 30, or $2.43 per diluted share, compared with a profit of $406.1 million, or $1.62 per diluted share, a year earlier.

Transaction revenue fell 64% from a year earlier to $365.9 million.

"Transaction revenue was significantly impacted by stronger macroeconomic and crypto market headwinds , as well as trading volume moving offshore," the company said in a shareholder letter.

Net revenue was down 53.3% year-over-year at $576.4 million.