Monitors display Coinbase signage during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York, on Wednesday, April 14, 2021.
Michael Nagle | Bloomberg | Getty Images
Coinbase Wednesday reported weaker-than-expected third-quarter results, weighed down by muted trading in the cryptocurrency market.
The stock fell more than 6% in extended trading.
Here’s what the company reported for the third quarter compared with what Wall Street expected, according to a survey of analysts by LSEG:
- Earnings per share: 28 cents vs. 41 cents expected
- Revenue: $1.21 billion vs. $1.26 billion expected
Coinbase, which operates the largest U.S. marketplace for buying and selling cryptocurrencies, reported net income of $75.5 million, or 28 cents per share, compared with a year-ago loss of $2.3 million, or 1 cent a share.
Net income in the latest quarter included $121 million in pretax losses on Coinbase’s crypto investment portfolio, the vast majority of which were unrealized, as crypto prices were lower on Sept. 30 compared with June 30.
This is a breaking news story. Check back for updates.
