CandleFocus Coinbase Shares Slump After Big Q3 Earnings Miss on 'Softer' Market Condition
2024-10-30
Author: Content Editor
Coinbase reported lower-than-expected earnings and revenue for the third quarter, citing weaker market conditions as the main factor. The crypto exchange's total revenue for the quarter was $1.2 billion, missing the average estimate of $1.26 billion. Earnings per share also fell short of expectations. Coinbase attributed the decline in transaction fees to a decrease in trading volume across US-based exchanges. Despite the disappointing results, the company remains optimistic and is focused on diversifying its revenue streams and launching new projects. Following the news, shares of Coinbase dropped nearly 7% in after-hours trading.
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