10 Nov 202104:59

Coinbase shares to open lower after 75% drop in net income in Q3

Coinbase posted total net revenue of $1.235 billion in Q3 falling 30% short of FactSet estimates of $1.614 billion.

Coinbase (COIN) shares have taken a hit after the firm posted a 75% decrease in net income during the third quarter.

COIN closed Tuesday with a 0.98% gain at a price of $357.39. However, the release of the leading United States exchange’s Q3 report after market close has coincided with a dip of around 13.10% (at the time of this writing) in after-hours trading.

Coinbase posted revenue of $1.235 billion in Q3 falling well below analyst estimates of $1.614 billion, according to FactSet. The firm’s profits totaled $406 million, marking a 74.7% decrease in profit compared to the previous quarter, although it was above analyst expectations of $380 million. Coinbase also reported earnings of $1.62 per share, which came in 10% short of the FactSet consensus estimate.