Home Business Coinbase collapses after reporting lower-than-expected revenue

Coinbase collapses after reporting lower-than-expected revenue

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Shares of Coinbase fell nearly 12% after the largest US digital asset exchange reported worse-than-expected results. Coinbase in detail recorded revenue of $ 1.24 billion, compared to the $ 1.57 billion forecast by analysts.
The volumes of the exchange, according to Bloomberg in the third quarter are expected to be 37% lower than those of the second quarter. The company had $ 462 billion in trading on the platform in the second quarter. Trading is expected to reach $ 313 billion this quarter.

Coinbase’s recurring monthly user numbers plummeted in the third quarter, although they are expected to recover. Coinbase said monthly users transacting on its platform reached 7.4 million, down from 8.8 million in the second quarter.

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