Economy · 4 d ago
Coinbase profit jumps 66% to US$719 million, helped by crypto gains
Net income, third quarter
719 US$ million
Coinbase reported net income of US$719 million for the third quarter, up 66 per cent from US$433 million a year earlier.
Net income
Up 66%
Revenue
Down 35%
Revenue fell 35 per cent from a year earlier to about US$1.22 billion, as transaction revenue dropped to about US$590 million.
About US$715 million in gains on crypto held for investment drove the profit. Excluding those gains and certain other items, adjusted net income was US$78 million.
Annualized revenue from prediction markets passed US$200 million, roughly double the previous quarter, and CEO Brian Armstrong called it one of the company's fastest-growing products.
