Coinbase Global Inc. (NASDAQ: COIN), released its third quarter 2022 earnings results Thursday. The company reported mixed earnings results in the third quarter, according to a letter sent to shareholders.
Accordingly, shares of the company closed Thursday trading at $55.80. This is 8.09 percent lower than the opening price. COIN shares gained approximately 5 percent in the post-hours trading session.
“Q3 results were largely consistent with the outlook we provided in August,”Coinbase told its shareholders.
The company reported that its transaction revenue was $366 million in the third quarter. This is 44% less than Q2. Coinbase blames the uncontrollable macroeconomic forces that have impacted trading volumes and larger numbers.
Subscription and services revenue rose by 43 percent to $211 million. Coinbase reported that the third-quarter net revenue was $576 million. This is approximately 28% less than in the second quarter.
Coinbase, a market leader in cryptocurrency and blockchain technology, remains committed to long-term success. The company has also made significant investments in Web3 startups through direct investment and the listing of ecosystem tokens.