TechFlow, Oct 31 — According to Reuters, cryptocurrency exchange Coinbase Global released its third-quarter financial results, surpassing analysts' expectations. Driven by increased volatility in digital assets boosting trading volume, the company posted a net profit of $432.6 million ($1.50 per share), significantly higher than $75.5 million ($0.28 per share) in the same period last year.
Revenue rose from $1.21 billion a year earlier to $1.87 billion, exceeding the expected $1.8 billion. Trading revenue increased from $572.5 million to $1.05 billion year-on-year. Subscription and services revenue grew 34.3% to $746.7 million, including stablecoin revenue of $354.7 million, up notably from $246.9 million a year ago.
CEO Armstrong stated that as part of its strategy, Coinbase is integrating prediction markets, tokenized stocks, and other products into its platform. As the market for various digital assets expands and competition intensifies amid favorable regulatory developments, expanding its business scope is crucial for Coinbase's future growth. Following the earnings release, Coinbase shares rose more than 3% in after-hours trading.
