Coinbase Global Inc (NASDAQ:COIN) reported third-quarter earnings that topped estimates but investors were left disappointed by a decline in trading volumes for the second consecutive quarter.
This sent the cryptocurrency exchange’s shares lower in afterhours trade, down 4.5% at US$80.78 shortly following the release of its earnings report.
Coinbase's consumer trading volumes declined year over year from $26 billion to $11 billion, while institutional trading volumes fell from $159 billion to $76 billion.
Revenue for the quarter was $674 million, ahead of the Wall Street estimate of $656.6 million.
It narrowed its loss per share from $2.43 in the year-ago quarter to a loss per share of $0.01. Analysts had expected Coinbase to report a loss per share of $0.54.
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