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Coinbase Forecasts Bright Future with Stronger-than-expected Q3 Earnings

The cryptocurrency exchange outpaced analyst expectations in Q3 and offered an optimistic outlook for its future.

Coinbase is a sponsored partner of Boardroom.

Earnings season is in full swing. Coinbase unveiled its third-quarter earnings report on Thursday, Nov. 2. The surging crypto market, paired with revenues that outpaced expectations, resulted in stronger-than-expected results for the cryptocurrency exchange.

Despite the positive overall outcomes revealed in the report, Coinbase posted its seventh consecutive quarterly loss in Q3. However, analysts expressed optimism based on the state of the market and the promise of a potential Bitcoin ETF, which is expected to provide a continued spark to the market. 

Coinbase stock was up slightly (1.36% in Friday’s trading at the time of this reporting) in response to the report.

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More insights from the Coinbase earnings report:

  • Revenue totaled $674 million, 14% more than prior estimates of $650 million
  • Posted a third-quarter adjusted loss of $0.01
  • Posted a positive Adjusted EBITDA of $181 million
  • Trading volume dropped to $76 billion

Additionally, Q3 brought Base, the newest marquee endeavor for Coinbase, to a wider market. The successful rollout proved to be another proud moment for the company.

In his letter to shareholders, Coinbase CEO Brian Armstrong cited the systemic innovation that the company is spearheading, comparing it to the early days of the internet. He noted that Coinbase is in the throes of redefining a number of legacy structures and institutions and, ultimately, will help to revolutionize how society approaches financial systems. He also pointed to the evolving legislation discussions in Washington as a potential component for the company’s continued growth.  

Armstrong also pointed to the company’s securing of new licenses that will allow it to enter new markets.

The recent weeks have brought a rise in cryptocurrency values. Although the value of Bitcoin decreased throughout the reported quarter, it soared nearly 30% in the month of October, leading bullish analysts to be optimistic about what lies ahead. Some analysts predict it could approach $50,000 by the end of 2023.

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About The Author
Bernadette Doykos
Bernadette Doykos
Bernadette Doykos is the Senior Director of Editorial Strategy at Boardroom. Before joining the team, her work appeared in ELLE. She previously served as the head of evaluation for a nonprofit where she became obsessed with systems and strategy and served as the curator of vibes and extinguisher of fires for the design thinking firm Stoked. She is constantly plotting a perfect tunnel ‘fit and a playlist for all occasions.