Coinbase's third-quarter profit and revenue fell short of expectations, and the stock plummeted in after-hours trading

ChainCatcher news, according to CoinDesk, Coinbase's total revenue for the third quarter was $1.2 billion, below the market expectation of $1.26 billion. Earnings per share were $0.28, while analysts expected $0.45; Coinbase's adjusted EBITDA for the third quarter was $449 million, also below the expected $469.2 million.

Coinbase announced a stock buyback of up to $1 billion authorized in October. There is no expiration date for this buyback, and the company will purchase shares based on market conditions. Within minutes of the report's release, the trading platform's stock price fell nearly 7%.