Coinbase Global 3Q Sales Climb as Trading Volumes Rise
By Katherine HamiltonCoinbase Global recorded a jump in sales as trading volumes increased in the third quarter.The cryptocurrency marketplace on Thursday posted a profit of $437.1 million, or $1.50 a share, in the quarter ended Sept. 30, compared with $75.5 million, or 28 cents a share, a year earlier.Stripping out certain one-time items, adjusted per-share earnings were $1.44, ahead of the $1.32 anticipated by analysts, according to FactSet.Revenue jumped 55% to $1.87 billion. Analysts surveyed by FactSet forecast revenue of $1.80 billion. Global crypto market spot trading volumes increased 38% quarter over quarter and rose 29% in the U.S.The company increased tradable spot assets as part of its initiative to be the "everything exchange," and now covers about 90% of the total crypto asset market capitalization.In the current fourth quarter, Coinbase expects subscription and services revenue to be $710 million to $790 million, which would beat the $766.6 million Wall Street is projecting.Write to Katherine Hamilton at [email protected]