Bitcoin Magazine Coinbase (COIN) Misses Revenue Estimates as Users Fall, Armstrong Sets Up New Share Sales
Coinbase had a mixed third quarter. Revenue came in at $1.20 billion, below the $1.233 billion analysts expected, according to company filings. Subscription and services revenue did better, reaching $570 million. The company is still heavily tied to trading activity, but its recurring income is growing.
Monthly Transacting Users fell to 7.4 million, down from 9.3 million a year earlier. During its earnings call, Coinbase blamed overall market conditions. Its share of crypto trading volume did rise to 10.7%, the fourth straight quarter of gains, which suggests it is winning business even as the broader market quiets.
Adjusted EBITDA was $332.9 million, extending a run of 15 straight profitable quarters on that measure. The prediction markets business passed $200 million in annualized revenue, and Coinbase One hit a record number of subscribers.
Source: Bitcoin Magazine
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