Coinbase reports third-quarter loss as volumes drop
FILE PHOTO: A representation of the cryptocurrency is seen in front of Coinbase logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration
COIN
-8.09%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
(Reuters) -U.S. cryptocurrency exchange Coinbase (NASDAQ:COIN) Global Inc on Thursday reported a third-quarter loss as high inflation, rising interest rates and geopolitical tensions weakened demand for risky assets, sapping trading volumes for digital currencies like bitcoin.
Coinbase said it had a net loss of $544.6 million for the three months ended Sept. 30, or $2.43 per diluted share, compared with a profit of $406.1 million, or $1.62 per diluted share, a year earlier.
Transaction revenue fell 64% from a year earlier to $365.9 million.
«Transaction revenue was significantly impacted by stronger macroeconomic and crypto market headwinds, as well as trading volume moving offshore,» the company said in a shareholder letter.
Net revenue was down 53.3% year-over-year at $576.4 million.
