Coinbase Profit Jumps 66% as Revenue Misses Estimates — SkimNews
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Coinbase reported third-quarter adjusted net income of $719 million, up 66% from $433 million a year earlier, largely because the cryptocurrency market recovered.
- Coinbase posted $1.20 billion in revenue, below LSEG-polled expectations of $1.233 billion, and earned $2.51 per share, though comparison with analysts’ 6-cent estimate was not immediately clear.
- Bitcoin rose 39% in the three months ended Sept. 30 and recently traded around $80,809, lifting the value of Coinbase’s crypto investment portfolio even as its underlying holdings changed little.
- Max Branzburg said in July that Coinbase would debut an “everything exchange” featuring tokenized stocks and other real-world assets, derivatives, prediction markets and early-stage token sales.
- Coinbase for Agents was introduced in early October, supporting the use of ChatGPT, Muse or other AI agents to manage portfolios, research assets and trade various assets.
- Coinbase expanded its prediction-market offerings; annualized revenue grew to more than $200 million while the number of traders increased 60% from the second quarter.
Why it matters: The key tension is that Coinbase’s $719 million adjusted net income was paired with $1.20 billion in revenue, below LSEG’s $1.233 billion estimate. Meanwhile, prediction-market traders rose 60% from Q2 as annualized revenue exceeded $200 million, giving that newer business a disclosed role beyond crypto-sensitive earnings.
Ask SkimNews
