TechFlow news, according to CoinDesk, Coinbase's third-quarter financial results show the exchange generated $674.1 million in revenue during the quarter, down 4.7% sequentially and up 14.2% year-over-year.
Adjusted net loss per share was $0.01 for the third quarter, significantly better than analysts' forecast of a $0.55 per share loss. According to FactSet, analysts had expected quarterly revenue of $651 million.
On the other hand, total trading volume for the quarter reached only $76 billion, below the expected $80.1 billion and lower than the previous quarter's $92 billion. Trading revenue for the quarter was $288.6 million, down 12% from $327 million in the prior quarter.
In its letter to shareholders, the company stated: "The third quarter was a strong one for Coinbase." "Although we recorded a net loss during the third quarter, we are on track to achieve positive adjusted EBITDA in 2023, reflecting our goal set at the beginning of the year—to become a company that can generate positive adjusted EBITDA under all market conditions."
