TechFlow news, October 31 — According to CoinDesk, cryptocurrency exchange Coinbase released its third-quarter financial report. The data showed total revenue of $1.2 billion, below analysts' expectations of $1.26 billion; earnings per share were $0.28, falling short of the expected $0.45; adjusted EBITDA came in at $449 million, also below the projected $469.2 million.
Impacted by the results, Coinbase's stock dropped nearly 7% in after-hours trading. Notably, the company simultaneously announced a share buyback program totaling up to $1 billion, with no expiration date.
As of the end of the third quarter, Coinbase held $8.2 billion in cash, cash equivalents, and USDC. The company stated that crypto asset volatility decreased by approximately 5% compared to Q2, leading to lower trading volumes, but emphasized it is diversifying revenue through initiatives such as custody services and tokenization of real-world assets.
