Coinbase reports Q3 revenue $1.2B, consensus $1.25B

The company said, “Transaction revenue was $573 million, down 27% Q/Q. While average native units grew Q/Q for staking, custody, and on-platform USDC, subscription and services revenue declined 7% Q/Q to $556 million, largely due to lower average crypto asset prices. Total operating expenses were $1.0 billion, down 6% Q/Q, while technology & development, general & administrative, and sales & marketing expenses were collectively $873 million, up 3% Q/Q. Net income was $75 million and included $121 million in pre-tax losses on our crypto asset investment portfolio – the vast majority of which were unrealized – as crypto prices were lower on September 30, 2024 as compared to June 30, 2024. These losses were $92 million after reflecting the tax impact. Adjusted EBITDA was $449 million. Our balance sheet remains strong, as we ended Q3 with $8.2 billion in $USD resources, up $417 million Q/Q. Lastly, in October 2024, our board of directors authorized a $1.0 billion share repurchase program.”