Coinbase sees Q4 subscription and services revenue flat with Q3

The company said, “In October, we generated approximately $105 million of transaction revenue. We expect Q4 subscription and services revenue to be approximately flat with Q3, and for Q3 transaction expenses as a percentage of net revenue to be in the midteens. We anticipate Q4 technology & development and general & administrative expenses to be $525-$575 million, driven by lower stock-based compensation as our expense recognition timing is not linear. We expect sales & marketing expenses to be $85-$95 million. Lastly, we anticipate that we will generate meaningful positive Adjusted EBITDA in full-year 2023, revised from our prior goal of improving full-year 2023 Adjusted EBITDA in absolute dollar terms versus full-year 2022.”