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Coinbas had lower-than-expected $ 1.54 billion revenue from analysts ’$ 1.57 billion.
Coinbase Global Inc. shares fell nearly 12% in post-market trading after the largest U.S. cryptocurrency exchange lost its Wall Street calculations after reporting third-quarter results.
Coinbas, which blamed market turbulence and lower prices in part of the third quarter, had revenue of $ 1.24 trillion, lower than the $ 1.57 billion forecast by analysts.
Key perspectives
Coinbase said users of monthly transactions on its platform reached 7.4 million, down from 8.8 million in the second quarter. Its verified users reached 73 million.
The company also updated its user policy for monthly average transactions throughout the year. It now expects between 8 million and 8.5 million users, up from the 5.5 million expected in August to 8 million.
Coinbas managed to list the Shiba Inu meme token, which is well-known among investors in September. This, along with the crypto bull market that is driving more investors to join, has led to an increase in the download of Coinbase’s main mobile app.
Coinbase is also diversifying its services with the intention of launching a platform for trading derivatives and fungible tokens. The NFT business can be very lucrative: consolidated market revenues like OpenSea have exploded and OpenSea is down 2.5% on transactions.
At the same time, in September, Coinbas had to abandon plans for Lend because it had to allow users to earn interest on coin mines under pressure from the Securities and Exchange Commission.
The company has increased customer attention in response to user complaints.
Market reaction
Although Coinbase’s shares fell after opening as a public company in April, they reached an all-time high on Monday and rose about 40% since they began trading.
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