The Winklevoss-founded exchange posted its third-quarter results on Nov. 12, showing how hard the retail slowdown has hit its core business. Total trading volume fell to $4.5B from $16.4B a year earlier, and exchange revenue dropped 47% to $13.4M.

Total revenue came in at $40.9M, down 19% year over year and 10% from Q2, while the net loss narrowed to $58.6M from $159.5M.

Cost cuts did most of the work: operating expenses fell 30% to $119.9M, the third straight quarterly decline. Credit card revenue grew 82% year over year to $15.5M, and prediction markets revenue rose 52% from Q2 to $0.8M.

The card business also carries the main risk. Charge-offs rose to $11.5M from $3.4M, largely tied to a fraud event disclosed in Q1, and 30-plus-day delinquency edged up to 3.4%.