Bulletins

Coinbase shares fall 13% on weak revenue

Coinbase shares fell sharply late Tuesday after the crypto company reported weaker-than-expected revenue in the third quarter.

The Coinbase logo, with coins.

Coinbase shares fall on weaker-than-expected revenue.

Photo: Jakub Porzycki/NurPhoto via Getty Images

Coinbase's stock shed 13% in after-hours trading after the company reported revenue of $1.3 billion. That was below Wall Street's projection of $1.56 billion.

Coinbase "entered Q3 with softer crypto market conditions, driven by low volatility and declining crypto asset prices," the company said in a letter to shareholders. The report appears to reflect the market conditions encountered by Robinhood, which also experienced a drop in revenue largely due to a decline in crypto trading.

"As our year-to-date results have clearly demonstrated, our business is volatile," Coinbase said. "Coinbase is not a quarter-to-quarter investment, but rather a long-term investment in the growth of the cryptoeconomy and our ability to serve users through our products and services. We encourage our investors to take this point of view."

Benjamin Pimentel

Benjamin Pimentel ( @benpimentel) covers crypto and fintech from San Francisco. He has reported on many of the biggest tech stories over the past 20 years for the San Francisco Chronicle, Dow Jones MarketWatch and Business Insider, from the dot-com crash, the rise of cloud computing, social networking and AI to the impact of the Great Recession and the COVID crisis on Silicon Valley and beyond. He can be reached at bpimentel@protocol.com or via Google Voice at (925) 307-9342.

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