Investing.com -- Coinbase reported Wednesday third-quarter earnings that fell well short of Wall Street estimates as weakness in cryptocurrencies during the quarter kept a lid on trading volumes.
weaker trading volumes weighed on performance.
Coinbase Global Inc (NASDAQ:COIN) fell 4% after-hours trading following the report.
Coinbase reported Q2 earnings of $0.28 a share on revenue of $1.2 billion, compared with Wall Street expectations for EPS $0.45 on revenue of $1.25 billion.
The miss comes as trading volume was hurt by weakness in crypto markets as total crypto market cap dropped 10% sequentially in Q3.
Total trading volume in the US spot market, which accounts the bulk of Coinbase revenue, declined 18% quarter-on-quarter, pressuring transaction revenue down 27% to $573M in Q3 from the prior quarter.
