Coinbase Reports Q3 Revenue of $1.2B, Misses Estimates, Unveils $1B Share Buyback

Oct 30, 2024, 08:29 PM

Coinbase Global Inc. reported its third-quarter earnings for 2024, missing analyst estimates due to weaker trading volumes and ongoing regulatory uncertainties in the U.S. The cryptocurrency exchange posted a revenue of $1.2 billion, below the expected $1.25 billion, and a net income of $75 million, falling short of the anticipated $110 million. Earnings per share came in at $0.28, missing the consensus estimate of $0.42. Adjusted EBITDA was reported at $449 million. Transaction revenue declined 27% quarter-over-quarter to $573 million, while subscription and services revenue decreased 14% from the previous quarter to $501 million. Despite the softer market conditions, Coinbase remained profitable and announced a $1 billion share repurchase program for its Class A common stock. The company ended the quarter with $137 billion in assets under custody and $8.2 billion in cash, an increase of 5% from Q2. In October, Coinbase generated approximately $190 million in total transaction revenue. For the fourth quarter, the company expects subscription and services revenue between $505 million and $580 million.