Coinbase reports third-quarter revenue of $1.2 billion, consensus $1.25 billion

The company said: “Transaction revenue was $573 million, down 27% Q/Q. While average native units grew Q/Q for staking, custody and USDC on the platform, subscription and service revenue fell 7% Q/Q to $556 million, mainly due to lower average crypto asset prices Total operating expenses were $1.0 billion, down 6% Q/Q, while technology & development, general and administration, and selling and marketing expenses combined were $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 compared to June 30, 2024. These losses were $92 million after reflecting the tax effect 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. Finally, in October 2024, our board approved a $1.0 billion share repurchase program.”