Coinbase Global Inc. announced on Wednesday that its revenue in the third quarter of fiscal 2024 came in at $1.2 billion, nearly doubling the digit compared to the corresponding timeframe last year.
Its diluted earnings per share stood at $0.28 at the end of the third quarter, recovering from the $0.01 loss per share seen last year. The figure, however, fell short of analysts' expectations. Net income landed at $75.5 billion in the reported trimester, up from $2.3 billion in loss registered the year before.
"Despite softer market conditions, we saw average native unit growth across staking, on-platform USDC, and custody, which helps diversify revenue over the long run," Coinbase said in its earnings report.
The company's stock tumbled 3.53% following the report's release to sell for $204.90 apiece in after-hours trading.
