Coinbase shares fall as muted crypto trading leads to a third-quarter miss
Publishing timestamp: 2024-10-30 20:30:47
Summary
Coinbase reported weaker-than-expected third-quarter results due to muted trading in the cryptocurrency market. The company's stock fell in extended trading after missing earnings and revenue expectations. Revenue from retail trading grew, but the drop in the price of ether in October could offset growth in the subscription and services segment. The cryptocurrency market has been stagnant, with Bitcoin lacking significant catalysts. Coinbase also announced a $1 billion stock buyback in its earnings report.
Sentiment: NEGATIVE
Tickers: COIN, ETH.CM=, USDC.CM=,
Keywords: cryptocurrency, technology, ethereum/usd coin metrics, business news, earnings, breaking news: technology, usd coin/usd, bitcoin, bitcoin/usd coin metrics, coinbase global inc, breaking news: earnings, investment strategy, breaking news: markets, breaking news: investing, markets,
Source: https://www.cnbc.com/2024/10/30/coinbase-coin-earnings-q3-2024.html