Coinbase's Q3 trading revenue decreased by 44% quarter-over-quarter, with a total net income of $576 million

2022-11-04 08:49:10

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ChainCatcher news, according to CoinDesk, Coinbase's financial report shows that its trading revenue for the third quarter was $366 million, a 44% decrease from the second quarter. Meanwhile, driven by an increase in interest income, Coinbase's subscription and services revenue rose 43% quarter-over-quarter to $211 million; total operating expenses were $1.1 billion, a 38% decrease from the second quarter; overall net income was $576 million, below the $646 million generally expected by FactSet analysts and also lower than the $803 million in the second quarter.

In a letter to shareholders, Coinbase stated that its trading revenue continues to be significantly impacted by macroeconomic and crypto market headwinds, and it expects this situation to persist into 2023, with trading volume also shifting overseas. (CoinDesk)

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