Coinbase Q3: net revenue down 28% QoQ to $576M, net loss down 50% QoQ to $545M, subscription and services up 43% QoQ, and monthly transacting users down to 8.5M
Fellow shareholders, Chapter 1Chapter 2Chapter 3 Q3 was a mixed quarter for Coinbase. Adam Morgan McCarthy / The Block : Coinbase, Block jump 12% following third quarter earnings Andrew Throuvalas / Crypto Adventure : Coinbase Trading Revenue Down 44% After “Mixed” Third Quarter Brenda Mary / crypto.news : Coinbase Reports Higher-Than-Anticipated User Counts Despite Declining Third-Quarter Revenue Delma Wilson / Coinpedia Fintech News : Coinbase Released Q3- Revenue Report! Here's What the Exchange Holds Tweets: Greg / @b1ockgreg : 1/ Not looking good for Coinbase. Coinbase's ~$6.9bn debt outstanding traded at ~60 cents on the dollar this morning, with some bonds trading below ~60 cents — falling close, if not into distressed territory #COIN #coinbase https://twitter.com/... Matteo Marinelli / @mrnllmtt : $COIN missed badly the Q3 estimates: - Revenue $590.3M vs $643M expected; - EPS ($2.43) vs ($2.23) expected. Trading on the platform slowed down, and they are making almost nothing out of their institutional clients. Nevertheless, shares are higher AH. I'll hold my small short. https://twitter.com/... @coinbureau : Coinbase Q3 earnings illustrate just how brutal the bear market has been 🫣 $COIN @sbf_ftx : 1) Alright alright, Coinbase 2022Q3 earnings: https://s27.q4cdn.com/... previous: https://twitter.com/... @juthica : coinbase retail/altcoin volume obviously down a lot but in bitcoin-land block's customer-facing bitcoin volume was actually roughly flat QoQ. $1.79B in Q2 vs. $1.76B in Q3 @sbf_ftx : 4) Once again, partially ignore the staking revenue, it's likely mostly passing through to customers and offset by an expense item. In terms of expenses and EBITDA—it's a little tricky to parse exactly. They report $545m loss and adjusted EBITDA of $116m loss. Frank Chaparro / @fintechfrank : Coinbase Q3 revenue comes in at $590m, missing analysts estimates “Q3 transaction revenue was $366 million, down 44% compared to Q2, driven by lower trading volume. Subscription and services revenue increased 43% sequentially to $211 million, driven by higher interest income.”
1/ Not looking good for Coinbase. Coinbase's ~$6.9bn debt outstanding traded at ~60 cents on the dollar this morning, with some bonds trading below ~60 cents — falling close, if not into distressed territory #COIN #coinbase https://twitter.com/...
$COIN missed badly the Q3 estimates: - Revenue $590.3M vs $643M expected; - EPS ($2.43) vs ($2.23) expected. Trading on the platform slowed down, and they are making almost nothing out of their institutional clients. Nevertheless, shares are higher AH. I'll hold my small short. h…
coinbase retail/altcoin volume obviously down a lot but in bitcoin-land block's customer-facing bitcoin volume was actually roughly flat QoQ. $1.79B in Q2 vs. $1.76B in Q3
4) Once again, partially ignore the staking revenue, it's likely mostly passing through to customers and offset by an expense item. In terms of expenses and EBITDA—it's a little tricky to parse exactly. They report $545m loss and adjusted EBITDA of $116m loss.
Coinbase Q3 revenue comes in at $590m, missing analysts estimates “Q3 transaction revenue was $366 million, down 44% compared to Q2, driven by lower trading volume. Subscription and services revenue increased 43% sequentially to $211 million, driven by higher interest income.”
2) Overall, bear markets suck for retail. Coinbase's revenue, and volume, were down a fair bit; their retail volume in particular was down ~45% quarterly. (The flip side—lots of growth potential in the next bull market!) https://twitter.com/...
BREAKING: Coinbase, the largest US crypto exchange, posted a narrower loss and said revenue fell for a third consecutive quarter in its latest earnings report https://www.bloomberg.com/... https://twitter.com/...