Coinbase Reports Better than Expected Q3 Earnings, Cuts Losses in Half

let atwWrapper,atwContainerWidth,atwSliderBox,atwTotalWidth; function initATWSlider() { atwWrapper = $('.relatedInstruments'); atwSliderBox = atwWrapper.find('.slider'); atwContainerWidth = atwWrapper.width(); atwTotalWidth = atwSliderBox.width(); if(window.domainId === '2' || window.domainId === '3'){ atwWrapper.find('.sliderRight').addClass('js-slider-prev'); atwWrapper.find('.sliderLeft').addClass('js-slider-next'); } else { atwWrapper.find('.sliderRight').addClass('js-slider-next'); atwWrapper.find('.sliderLeft').addClass('js-slider-prev'); } if(atwSliderBox.find('.instrumentBox').length > 6){ atwWrapper.find('.js-slider-next').fadeIn(600); } } function atwMoveRight() { atwWrapper.find('.js-slider-prev').fadeIn(150); $(".slider > :visible:first").hide(150) $(".slider > :visible:last").next().show(150); if(!$(".slider > :visible:last").next().find('.name')()){ atwWrapper.find('.js-slider-next').fadeOut(150); return; } } function atwMoveLeft() { atwWrapper.find('.js-slider-next').fadeIn(150); $(".slider > :visible:last").hide(150); $(".slider > :visible:first").prev().show(150); if(!$(".slider > :visible:first").prev().find('.name')()){ atwWrapper.find('.js-slider-prev').fadeOut(150); return; } } initATWSlider(); //update star icon on adding/removing instrument to/from specific watchlist atwWrapper.on('click', 'label.addRow', function() { let parent = $(this).parent(); let checkedPortfolio = false; parent.find('input[type=checkbox]').each(function () { if($(this).is(':checked')){ checkedPortfolio = true; } }); let closestStar = $(this).closest('.addToPortWrapper').find('.star'); if(checkedPortfolio){ closestStar.addClass('added'); }else{ closestStar.removeClass('added'); } }); //update star icon on creating new watchlist atwWrapper.find('.js-create-watchlist-portfolio').find('a.js-create').on('click',function () { let parent = $(this).parent(); let watchlistName = parent.find('input[type=text]').val(); if(!watchlistName){ return; } let star = $(this).closest('.addToPortWrapper').find('.star'); star.addClass('added'); }); //update star icon on adding new position atwWrapper.find('.js-create-holdings-portfolio').find('.js-submit').on('click',function () { let addPositionForm = $(this).closest('.addToPortfolioPop').find('.holdingsContent'); let amount = addPositionForm.find('.js-amount').val(); if(amount < 1){ return; } let star = $(this).closest('.addToPortWrapper').find('.star'); star.addClass('added'); }); atwWrapper.find('.instrumentBox').find('.shortInfo').on('click',function () { if(!window.ga){ return; } let pairId = $(this).parent().find('.js-add-to-portfolio').attr('data-pair-id'); let pairType = window.atwPairTypes[pairId]; window.ga('allSitesTracker.send', 'event', 'content', 'symbol link clicked', '', { "dimension147":"symbol_link_clicked", "dimension163":"click", "dimension148":"symbol", "dimension162":"content add to watchlist", "dimension161":"article page", "dimension142":"article", "dimension75":pairType, "dimension138":pairId, "dimension118":"2932863" }); window.open($(this).attr('data-href')); }); window.atwPairTypes = {"16116":"Equities","1118146":"currency","1172292":"Equities"};

America’s biggest cryptocurrency exchange, Coinbase (NASDAQ:COIN), has released its report for the third quarter. Earnings were better than what analysts predicted, as its losses were cut by half from the second quarter.

Coinbase Releases Q3 Earnings Report

On Thursday, November 3rd, Coinbase reported user numbers that topped analysts’ estimates. Coinbase’s losses fell more than 50%, from $1.1 billion in Q2 to $545 million in the third quarter.

In what looks like a thawing crypto winter for Coinbase, the exchange reported a Q3 loss of $2.43 per share, lower than the $2.38 some analysts predicted but higher than the previous quarter’s $4.98 per share.

Crypto Transactions Take A Hit

Despite performing better than expected, Coinbase reported a major hit in crypto transactions. According to the report, transaction revenue fell by 44%, from $655.2 million in Q2 to $365.9 million in Q3.

The retail transaction revenue of Coinbase came in at $346.1 million, down from $1.02 billion last year. Coinbase also reported a decline in its monthly transacting users, from 9 million in Q2 to 8.5 million in Q3.

Coinbase explained that “transaction revenue was significantly impacted by stronger macroeconomic and crypto market headwinds, as well as the trading volume moving offshore.”

On the Flipside

• Coinbase recently announced support for Ripple by filing an amicus brief in the ongoing legal battle against the Security and Exchange Commission (SEC).

Why You Should Care

The decrease in demand for crypto is directly linked to the year-long downtrend that has seen many assets lose more than 70% of their value.

Read about Coinbase’s support for Ripple in:

Coinbase Stands with Ripple in SEC Case, Requests to File Amicus (NASDAQ:FOLD) Brief

Read about the growth of Coinbase’s services below:

Ankr Adds Coinbase Wallet Support For Liquid Staking

See original on DailyCoin