Coinbase Beats Expectations Despite Drop in Trading Volume

Coinbase's net loss narrowed to $2M in Q3 2022 despite lower trading volumes. Total revenue was $674.1M, up 14.2% YoY.

Trading volumes fell - consumer trading volume was $11B, down from $26B in Q3 2021. Institutional trading was $65B, down from $133B in Q3 2021.

Coinbase said they were "pleased" with the quarter despite the volume declines, noting positive adjusted EBITDA for the third straight quarter.

Revenue breakdown was $334.4M from subscription/services, $288.6M from transactions.

Coinbase share price spiked 8.7% on results initially but fell 3.7% in after-hours trading.