Brayden Lindrea15 minutes agoCoinbase narrows loss while crypto trading volumes fall in Q3Despite seeing falling trading volumes, Coinbase said they were “pleased” with how the quarter played out.59 Total viewsListen to article 0:00NewsJoin us on social networksCryptocurrency exchange Coinbase narrowed its net loss to $2 million in the third quarter, as notched a year-on-year increase in revenue despite lower trading volumes.

The firm’s net loss in Q3 was trimmed from a $545 million net loss in the prior year period, according to a Nov. 2 earnings statement.

Total revenue increased 14.2% year-on-year to $674.1 million, though quarter-on-quarter revenue fell 4.8%. The figure beat London Stock Exchange Group’s estimate of $653.2 million, according to a report from Reuters.

Of the total revenue, $334.4 million came from subscription and services (mostly stablecoin and blockchain rewards), while $288.6 million came from transaction-based revenues.Our Q3’23 update is in.

Read the full shareholder letter and tune in to our earnings call here → https://t.co/fod43YZcAY pic.twitter.com/Iusjw1Uysx— Coinbase ️ (@coinbase) November 2, 2023

Meanwhile, consumer trading volume came in at $11 billion, a fall from $26 billion in Q3 2022.

Institutional trading volumes came in at $65 billion, down from $78 million in Q2 and $133 million in Q3 2022.

These volumes have been trending downwards for five consecutive quarters.

Despite this, Coinbase said in a statement it was pleased with how the quarter played out:“Q3 was a strong quarter for Coinbase. Amid multi-year low levels of volatility, we are pleased with our financial results.”

The exchange also produced a positive adjusted EBITDA for the third consecutive quarter — a sign that they’re building toward a “sustainable business” that can drive “long term growth,” it said.

Adjusted EBITDA stands for earnings before interest, taxes, depreciation and amortization and is a metric that provides analysts a means to  make more meaningful comparisons to a variety of companies in the same industry. 

Related:Coinbase launches regulated crypto futures services for US retail tradersCoinbase’s revenue statement for Q3 2023. Source: Coinbase

Coinbase’s share price (COIN) spiked 8.7% to $84.6 during trading hours but then fell 3.7% to $81.5 in after-hours trading,following the results filing, according to Google Finance.

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