Dener Ceide

Dener Ceide naît à Cherettes, une localité de Saint-Louis du Sud en 1979. Artiste dans l’âme,

....

Coinbase shares drop after third-quarter revenue misses analysts estimates – CNBC

Coinbase shares drop after third-quarter revenue misses analysts estimates – CNBC

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
nmprofetimg-563.png

Coinbase, the largest cryptocurrency exchange in the U.S., reported third-quarter earnings after the bell on Tuesday and missed analysts’ estimates on revenue. The stock sank more than 13% in extended trading.

Here’s how Coinbase did compared with analyst estimates:

  • Earnings: $1.62 a share
  • Revenue: $1.31 billion vs. $1.57 billion consensus estimate, according to Refinitiv

Coinbase said monthly transacting users fell from the prior period, dropping to 7.4 million from 8.8 million in the second quarter. The number was up from 6.1 million a year earlier. Trading volume fell to $327 billion from $462 billion in the previous quarter.

“As our year-to-date results have clearly demonstrated, our business is volatile,” the company said in its shareholder letter. “Coinbase is not a quarter-to-quarter investment, but rather a long-term investment in the growth of the cryptoeconomy and our ability to serve users through our products and services. We encourage our investors to take this point of view.”

Much of the company’s success hinges on the performance of digital assets like bitcoin. Coinbase said in August it expected lower trading volume and monthly transacting users in the third quarter after crypto assets dipped during the summer.

On Monday, bitcoin hit a new all-time high of $68,000, and ethereum set a new record, topping $4,800. Coinbase said in the report that bitcoin accounted for 19% of trading volume, and ethereum accounted for 22%. The remaining 59% came from other crypto assets, an increase from 50% in the second quarter.

Assets on the platform swelled to $255 billion from $180 billion at the end of June. About 55% of that is from institutional investors with the rest from retail.

Coinbase held its stock market debut in April at $381 a share and was briefly valued at high as $100 billion, on a fully diluted basis. The stock sank below $221 in July but has rallied dramatically in the past month, closing on Tuesday at $357.39.

Read more about cryptocurrencies from CNBC Pro

Télécharger l'application Android Uni fm 102.7