Revenue: $1.21B (falling short of $1.26B expected)
EPS: 28 cents (vs 41 cents predicted)
Net Income: $75.5M (a dramatic swing from last year’s $2.3M loss)
The Bright Spots:
Retail trading revenue soared 98% to $483.3M
Institutional trading skyrocketed 292% to $55.3M
Stablecoin revenue hit $246.9M (up 43% year-over-year)
Despite the overall crypto market’s sluggish performance ($55K-$70K range), Coinbase’s stablecoin business is booming. Their partnership with Circle on USDC is paying off, though future interest rate cuts might dampen this success.
The company took a $121M hit on their crypto portfolio (mostly unrealized losses), and October’s ether price drop could impact Q4 numbers. However, they’re betting on themselves with a fresh $1B stock buyback program.
While trading might pick up in Q4, Coinbase is cautioning investors about headwinds from ether’s price decline and potential interest rate changes.”
Paul Balo is the founder of TechBooky and a highly skilled wireless communications professional with a strong background in cloud computing, offering extensive experience in designing, implementing, and managing wireless communication systems.
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