Trading Concept
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Trading Concept
No Result
View All Result
Home Trading News

Coinbase shares drop after third-quarter revenue misses analysts’ estimates

by
November 9, 2021
in Trading News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Options Prop Trading Firm Reviews & Ratings: Where Should You Invest?

Stock Analysis Website Reviews & Ratings: Navigating the Best Options for Investors

The logo for Coinbase Global Inc, the biggest U.S. cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron and others at Times Square in New York, U.S., April 14, 2021.

Shannon Stapleton | Reuters

Coinbase, the largest cryptocurrency exchange in the U.S., reported third-quarter earnings after the bell on Tuesday and missed analysts’ estimates on revenue. The stock sank about 9% in extended trading.

Here’s how Coinbase did compared with analyst estimates:

Earnings: $1.62 a shareRevenue: $1.31 billion vs. $1.57 billion consensus estimate, according to Refinitiv

Coinbase said monthly active transaction users fell from the prior period, dropping to 7.4 million from 8.8 million in the second quarter. The number was up from 6.1 million a year earlier. Trading volume fell to $327 billion from $462 billion in the previous quarter.

“As our year-to-date results have clearly demonstrated, our business is volatile,” the company said in its shareholder letter. “Coinbase is not a quarter-to-quarter investment, but rather a long-term investment in the growth of the cryptoeconomy and our ability to serve users through our products and services. We encourage our investors to take this point of view.”

Much of the company’s success hinges on the performance of digital assets like bitcoin. On Monday, bitcoin hit a new all-time high of $68,000, and ethereum set a new record, topping $4,800. Coinbase said in the report that bitcoin accounted for 19% of trading volume, and ethereum accounted for 22%. The remaining 59% came from other crypto assets, an increase from 50% in the second quarter.

Assets on the platform swelled to $255 billion from $180 billion at the end of June. About 55% of that is from institutional investors with the rest from retail.

Coinbase held its stock market debut in April at $381 a share and was briefly valued at high as $100 billion, on a fully diluted basis. The stock sank below $221 in July but has rallied dramatically in the past month, closing on Tuesday at $357.39.

Net revenue more than quadrupled from a year earlier to $1.23 billion. However, it was down from over $2 billion in the second quarter. Coinbase said it expects monthly transacting users and total trading volume in the fourth quarter to be higher than in the third.

In September, the company scrapped plans to launch a crypto lending product after it revealed that the SEC planned to sue over the product. Also during the quarter, Coinbase announced plans to launch a marketplace to trade nonfungible tokens and allowed customers to deposit paychecks into their accounts.

Facebook, now known as Meta Platforms, recently said it hired Coinbase to deal with logistics for its new digital wallet for cryptocurrencies.

Correction: A prior version of this story used the wrong revenue number.

WATCH: Coinbase shares dip after revenue miss

ShareTweetPin

Related Posts

Options Prop Trading Firm Reviews & Ratings: Where Should You Invest?

by
September 23, 2023
0

Options prop trading involves buying and selling options contracts to generate profits, typically within a firm that provides the capital...

Stock Analysis Website Reviews & Ratings: Navigating the Best Options for Investors

by
September 23, 2023
0

With the growing complexity of the stock market and increasing investment options, it’s crucial to have accurate and timely information...

Stock Chat Room Reviews & Ratings: Unveiling the Best Options

by
September 23, 2023
0

Stock chat rooms have become indispensable tools in the toolkits of modern traders. In these digital spaces, traders of all...

Options Trading Alert Service Reviews & Ratings: What You Need to Know

by
September 23, 2023
0

Options trading alert services are crucial for any modern options trader. These services offer traders valuable insights, real-time alerts, and...

Stock Charting App Reviews & Ratings: Navigating the Best Options for Traders

by
September 23, 2023
0

Stock charting apps are vital for traders, investors, and market analysts. These specialized software platforms offer a range of features,...

Next Post

Here's how Elon Musk and his companies work to influence politics and policy

DoorDash stock rockets on deal to acquire international delivery platform Wolt for $8.1 billion

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • WHO says Covid vaccine booster programs will prolong pandemic

    0 shares
    Share 0 Tweet 0
  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Spin or Split? AT&T Has a Big Decision to Make on Discovery Stake.

    0 shares
    Share 0 Tweet 0
  • Here’s how Carl Icahn is positioning for a possible recession in America

    0 shares
    Share 0 Tweet 0
  • Some lawmakers and their families are betting thousands of dollars on crypto

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by tradingconcept.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.tradingconcept.net