$COIN Coinbase Q3 Earnings
- Revenue $1.22B, est. $1.22B
- Adjusted EBITDA $332.9M, est. $282.9M
- Transaction revenue $590M, est. $575M
- Subscription & Services revenue $570M, est. $564M
- Trading volume $134.5B
- Crypto trading volume market share 10.7%, doubled y/y
- Q3 reflected soft crypto market conditions
- Macro headwinds have begun to shift
- Sees Q4 Subscription & Services revenue $550M to $630M
- Sees Q4 adjusted expenses $1.007B to $1.157B
- Sees Q4 transaction expenses in mid-teens % of revenue
- Q4 transaction revenue approximately $165M quarter-to-date