Coinbase reported its third-quarter earnings after the bell on Nov. 3, revealing a decline of 55% in revenue year-over year as Q3 revenue came in at $590.3 million, down from $1.31 billion in Q3 2021. The company’s also recorded a net loss of $540.6 million, or $2.43 per share, versus net income of $402.3 million, or $1.62 per share, in the third quarter last year. Assets on platform at the end of Q3 totaled $101 billion, a decline of $154 billion from Q3 2021. The company’s market share of the total crypto market capitalization also fell to 9.6% at the end of Q3 from 9.9% at the end of Q2. Coinbase noted that trading volume has been shifting away from the U.S.
Coinbase burns 546M of USD resources as it reports another quarter in the red with a 55 revenue decline
