Coinbase Global Inc. (NASDAQ: COIN) released its third-quarter 2022 earnings results on Thursday. According to a letter to shareholders, the company reported mixed earnings results for the third quarter.
Consequently, the company’s shares closed Thursday trading at $55.80, down 8.09 percent from the day’s opening price. However, COIN shares have regained approximately 5 percent during the after-hours trading session.
“Q3 results were largely consistent with the outlook we provided in August,” Coinbase told its shareholders.
During the third quarter, the company announced that transaction revenue came in at $366 million, down 44% compared to Q2. Coinbase has blamed the larger uncontrollable macroeconomic factors, including lower trading volume.
However, subscription and services revenue increased by approximately 43 percent to $211 million. Reportedly, third-quarter net revenue for Coinbase came in at $576 million, down approximately 28 percent compared to the second quarter.
As a market leader, Coinbase remains committed to the long-term prosperity of cryptocurrency and blockchain technology. Furthermore, the company has significantly invested in Web3 startups directly and through the listing of ecosystems’ tokens.
“Looking ahead, we could not be more excited about the industry-leading partnerships – like those we recently announced with BlackRock and Google – as well as the momentum and innovation we see in our own product portfolio and across the industry more broadly,” the company noted.
As of September 30, Coinbase held crypto assets worth approximately $623 million, compared to $988M held as of December 31, 2021. Having cemented a strategic partnership with BlackRock, a major investor in Circle’s USDC, the company announced a USDC holding of approximately $368 million. Notably, the cryptocurrency exchange announced that it holds approximately $95 billion in customer crypto assets.
Reportedly, the company’s crypto assets borrowing for the third quarter totaled approximately $209 million. Coinbase reported that its long-term debts totaled approximately $3.3 billion during the third quarter.
The company has warned that more headwinds are expected in the coming quarters as the cryptocurrency market remains in consolidation mode. The company reported a trading volume of $47 billion during October, with the trend expected to decline in the coming months.
Nonetheless, the cryptocurrency market has shown resilience, led by the recent Dogecoin rally. Bitcoin has found considerable strong support above $20k, which has held in the past week.
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