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Coinbase reports better-than-expected user numbers even as third-quarter revenue plunges



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In this photo illustration, the Coinbase logo is displayed on a smartphone screen.Rafael Henrique | SOPA Images | Lightrocket | Getty ImagesCoinbase reported user numbers that topped analysts’ estimates even as third-quarter revenue missed estimates and the cryptocurrency exchange had a wider-than-expected loss. The stock popped in extended trading.Here’s how the company did:Earnings: Loss of $2.43 per share, adjusted, vs. loss of $2.40 per share as expected by analysts, according to Refinitiv.Revenue: $590 million, vs. $654 million as expected by analysts, according to Refinitiv.Revenue plummeted more than 50% from a year earlier as traders turned away from cryptocurrencies. The company’s financials turned south, resulting in a loss of $545 million after Coinbase generated a profit of over $400 million a year earlier. “Transaction revenue was significantly impacted by stronger macroeconomic and crypto market headwinds, as well as trading volume moving offshore,” Coinbase said in its investor letter. The stock has lost more than three-quarters of its value this year due to a plunge in crypto prices couples with a retreat from the riskiest equities. Bitcoin, the most popular cryptocurrency, is down more than 70% from its all-time high in Nov. 2021.Coinbase’s user base has been declining throughout the year. The company said it had 8.5 million monthly transacting users (MTUs) during the third quarter, d …

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