{"id":364763,"date":"2021-11-10T04:32:29","date_gmt":"2021-11-10T01:32:29","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/coinbase-shares-to-open-lower-after-75-drop-in-net-income-in-q3\/"},"modified":"2021-11-10T04:32:29","modified_gmt":"2021-11-10T01:32:29","slug":"coinbase-shares-to-open-lower-after-75-drop-in-net-income-in-q3","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/coinbase-shares-to-open-lower-after-75-drop-in-net-income-in-q3\/","title":{"rendered":"# Coinbase shares to open lower after 75% drop in net income in Q3"},"content":{"rendered":"<p>&#8220;<strong># Coinbase shares to open lower after 75% drop in net income in Q3 <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvODg0MWI2NTctNjQyMi00YjU4LTg3ODItNzgzMDIxODhkNWQ4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>Coinbase (COIN) shares have taken a hit after the firm posted a 75% decrease in net income during the third quarter. <\/p>\n<p>COIN closed Nov. 9 with a 0.98% gain at a price of $357.39, however the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/investor.coinbase.com\/financials\/quarterly-results\/default.aspx\">release<\/a> of the leading U.S. exchange\u2019s Q3 report after market close has coincided with a dip of around 13.10% (at time of this writing) in after-hours trading. <\/p>\n<p>Coinbase posted revenue of $1.235 billion in Q3 falling well below analyst estimates according to FactSet of $1.614 billion. The firm\u2019s profits totaled $406 million, marking a 74.7% decrease in profit compared to the previous quarter, although it was above analyst expectations of $380M. Coinbase also reported earnings of $1.62 per share, which came in 10% short of the FactSet consensus estimate. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"und\" dir=\"ltr\"> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/VMcdPKkrVA\">pic.twitter.com\/VMcdPKkrVA<\/a><\/p>\n<p>\u2014 Shibetoshi Nakamoto (@BillyM2k) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BillyM2k\/status\/1458181833430999040?ref_src=twsrc%5Etfw\">November 9, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nDespite the underwhelming performance in Q3, Coinbase said in the report that it had been a \u201cstrong quarter\u201d for the firm, pointing toward deeper investor engagement on the platform and the development of new products such as its upcoming NFT marketplace. The firm also emphasized that it is focused on the long term as opposed to quarter-to-quarter:<\/p>\n<blockquote><p>\u201cCoinbase is not a quarter-to-quarter investment, but rather a long-term investment in the growth of the crypto economy and our ability to serve users through our products and services. We encourage our investors to take this point of view.\u201d<\/p><\/blockquote>\n<p>It <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears that the frosty relationship between Coinbase and the U.S. Securities and Exchange Commission (SEC) is beginning to thaw. <\/p>\n<p>CEO Brian Armstrong first highlighted the firm\u2019s issues with the SEC in September when he revealed that the enforcement body had threatened to sue Coinbase if it launched its USD Coin (USDC) lending program. Armstrong followed those comments up later that month by stating that the SEC was the only government branch that was unwilling to meet with the firm. <\/p>\n<p>However Armstrong said on the Q3 earnings call today that he&#8217;d had a \u201cvery productive\u201d meeting with SEC chairman Gary Gensley last week. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Coinbase CEO <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/brian_armstrong?ref_src=twsrc%5Etfw\">@brian_armstrong<\/a> says on Q3 call that he met with SEC chairman Gary Gensler last week .. called it &#8220;very productive.&#8221;<\/p>\n<p>\u2014 Kate Rooney (@Kr00ney) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Kr00ney\/status\/1458206295656259592?ref_src=twsrc%5Etfw\">November 9, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The firm posted a 41% growth in subscription services revenue of $145 million compared to Q2 via its such avenues as its ETH 2.0 staking program, custodial fee revenues and token rewards. The firm also noted that its 7.4 million Monthly Transacting Users (MTUs) are beginning to \u201cengage beyond crypto\u2019s first use case.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Coinbase launches standalone browser extension for Coinbase Wallet<\/em><\/strong><\/p>\n<blockquote><p>\u201cApproximately 28% of our retail MTUs both invested and engaged with at least one other product in Q3. Further, 49% of our retail MTUs engaged with non-investing products such as Staking, Earn, and Coinbase Card, including 2.8 million users who were earning yield on their crypto assets.\u201d<\/p><\/blockquote>\n<p>Trading volume on the platform tallied at $327 billion in Q3, down 29% compared to Q2, with institutional investors representing the lions\u2019 share of trading with $234 billion, while retail traders accounted for $93 billion. <\/p>\n<p>Ether (ETH) outperformed Bitcoin (BTC) in terms of trading volume for the second quarter in a row, with the former totaling 22% while the latter equated to 19% of total volume. \u201cOther crypto assets\u201d accounted for 59% of trading volume, which was up 18% compared to Q2. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/coinbase-shares-to-open-lower-after-75-drop-in-net-income-in-q3\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Coinbase shares to open lower after 75% drop in net income in Q3 &#8221; Coinbase (COIN) shares have taken a hit after the firm posted a 75% decrease in net income during the third quarter. COIN closed Nov. 9 with a 0.98% gain at a price of $357.39, however the release of the leading&#8230;<\/p>\n","protected":false},"author":1,"featured_media":364764,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvODg0MWI2NTctNjQyMi00YjU4LTg3ODItNzgzMDIxODhkNWQ4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74957,74956,75566,74898,117],"class_list":["post-364763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-brian-armstrong","tag-coinbase","tag-report","tag-sec","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/364763","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=364763"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/364763\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/364764"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=364763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=364763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=364763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}