Coinbase Global reported strong but lower-than-expected third-quarter financial results Tuesday. The Wilmington, Del.-based trading platform for Bitcoin and other cryptocurrencies reported a non-GAAP net profit of $405.3 million, or $1.62 per share, up nearly 1,900% from the previous year, on revenue of $1.3 billion.
Wall Street had expected earnings of $1.82 per share on revenue of $1.6 billion, according to FactSet. Coinbase shares continued trading afterhours.
Coinbase, which relies on the market value of digital currencies to generate income, noted that transaction revenue was $1.1 billion and $145 million in subscription and services revenue. In addition, Verified Users grew to 73 million from 68 million the previous quarter, but retail Monthly Transacting Users, or MTUs, were 7.4 million in the third quarter, down 1.4 million, or 16% from the previous quarter.
