Coinbase Posts Profit on Crypto Gains
Coinbase returned to profitability in the third quarter after three consecutive quarters of losses. Investment gains and lower expenses offset a drop in transaction revenue. Prediction markets also emerged as a key area of growth.
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Coinbase Global Inc -Class A posted a third-quarter profit of $718.7 million on Thursday, rebounding from three consecutive quarters of losses as crypto investment gains offset a 43% drop in transaction revenue. The results highlight the company's reliance on digital asset price swings, even as diversified offerings gain traction. Shares fell 3.3% in after-hours trading following the report.
