On Oct. 30, the largest crypto exchange in the United States reported that its quarterly revenue for Q3 was $1.2 billion, down 17% from the previous quarter.<\/p>\n
In its shareholder letter, the firm reported<\/a> $75 million in net income and a seventh consecutive quarter of positive Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization), which was $449 million.<\/p>\n The firm noted that it saw average native unit growth across staking, on-platform USDC, and custody \u201cdespite softer market conditions.\u201d<\/p>\n The period from July to September saw crypto markets trading sideways as the months of consolidation continued, which isn\u2019t great for companies that make most of their profit from fees.<\/p>\n Coinbase<\/a> usually makes the lion\u2019s share of its profits from transaction fees, which are some of the highest in the industry. Its transaction revenue was $573 million, down 27% from the previous quarter. However, it still made up almost half of the total revenue.<\/p>\n It reported that in October, it generated approximately $190 million of total transaction revenue, adding that it expects Q4 subscription and services revenue to be between $505 and $580 million.<\/p>\n Revenue from the firm\u2019s subscription and services, which includes offerings like stablecoins, staking, and leverage for pro-traders, declined 7% to $556 million. The company has shown diversification from transaction-based revenues, which made up more than 80% of the total a couple of years ago.<\/p>\n Stablecoin revenue reached $247 million, up 3% from the previous quarter. Coinbase said that its USD Coin (USDC) has been the fastest-growing<\/a> major USD one year-to-date.<\/p>\n USDC supply has increased by 43% since the beginning of the year, whereas Tether<\/a> (USDT) supply has seen 32% growth over the same period.\u00a0However, Coinbase failed to mention that USDC supply tanked 57% between mid-2022 and late 2023, whereas USDT only dipped 22%.<\/p>\n \u201cThe upcoming 2024 elections are the next major milestone in our ongoing work to drive regulatory clarity for crypto,\u201d the firm concluded before adding, \u201cWe continue to be a trusted partner to policymakers and organizations like Fairshake and StandWithCrypto.\u201d<\/p>\n Coinbase CEO Brian Armstrong reiterated the firm\u2019s commitment to pro-crypto candidates in the presidential election in a post on X on Oct. 31.<\/p>\n We get the U.S. election results in 6 days, and no matter how you slice it, it will be the most pro-crypto congress ever.<\/p>\n But we\u2019re not slowing down post-election.<\/p>\n Today I\u2019m announcing that @coinbase<\/a> has committed another $25M to support Fairshake PAC, which they will use\u2026<\/p>\n \u2014 Brian Armstrong (@brian_armstrong) October 30, 2024<\/a><\/p>\n\n Earnings per share fell short of expectations, coming in at $0.28 compared to the forecasted $0.41.<\/p>\n As a result, company stock (COIN) slid 5% on the day, falling to $201 in after-hours trading, according<\/a> to Google Finance. The firm\u2019s stock is up 28% since the beginning of the year, however.<\/p>\n The post Coinbase Revenue Down 17% to $1.2B as Transaction Profits Tumble\u00a0<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" On Oct. 30, the largest crypto exchange in the United States reported that its quarterly revenue for Q3 was $1.2 billion, down 17% from the previous quarter. In its shareholder letter, the firm reported $75 million in net income and a seventh consecutive quarter of positive Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization), […]<\/p>\n","protected":false},"author":0,"featured_media":16859,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-16858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/16858"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16858"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/16858\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/16859"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Transaction Fees Down<\/h2>\n
COIN Price Tanks<\/h2>\n