Cryptocurrencies
Coinbase Drops After Quarterly Results Fall Short of Estimates
- Revenue, net income were both below analyst forecasts
- Revenue dropped from second quarter as token prices stalled
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Shares of Coinbase Global Inc. dipped in late trading after the largest US crypto exchange posted results below Wall Street expectations even though revenue almost doubled.
Total revenue increased to $1.21 billion, less than analysts’ forecast of $1.25 billion. Net income was $75 million, below $112.2 million expected by analysts surveyed by Bloomberg. The company lost $2.3 million in the year-ago period. An accounting change first adopted in the second quarter resulted in Coinbase pricing its digital assets to market value, resulting in a $121 million pre-tax loss in the most recent quarter, according to the company.