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Coinbase Shares Rise Despite Posting Loss in Earnings Report

Assets on the platform were USD 101 billion at the end of the third quarter.

On Friday, shares of Coinbase were trading over 8 per cent higher in pre-market despite posting a loss in the quarterly report. Reportedly, Coinbase reported a loss per share of USD 2.43 on revenue of USD 590.34 million. The expected loss was USD 2.36 on revenue of USD 654.85 million.

The company reported that the transaction volume declined 44 per cent quarter-over-quarter, fueled by a depressed trading volume. Despite this, subscription revenue surged 43 per cent. The company recorded 8.5 million monthly transacting users, up 15 per cent year-over-year. Analysts estimated 7.8 million. Also, assets on the platform were USD 101 billion at the end of the third quarter, down as much as 60 per cent YoY.

Founded by Brian Armstrong and Fred Ehrsam in 2012, Coinbase is a US-based distributed company that operates a cryptocurrency exchange platform. The company has no physical headquarters, and employees operate via remote work.

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