Coinbase Q3 Earnings Recap: Revenue And EPS Miss, Monthly Users Fall Less Than Robinhood, Stock Jumps – Coinbase Global (NASDAQ:COIN)

cryptocurrency trading company world coinbase CURRENCY reported third quarter financial results after market close on Thursday. This is what investors need to know.

What happened: Coinbase reported Q3 revenue of $576 million, down 28% sequentially. Total revenue fell short of a Street estimate of $659.88 million, according to data from Benzinga Pro.

The company reported a loss of $2.43 per share, missing Street’s estimate of a loss of $2.40 per share.

Transaction revenue was $366 million in the third quarter, down 44% sequentially. Subscriptions and services revenue of $211 million increased 43% sequentially.

Coinbase had 8.5 million monthly transaction users in Q3, down 500,000 from Q2. Competitor Robinhood Markets HOOD finished the third quarter with 12.2 million monthly active users, losing 1.8 million from the previous quarter.

Coinbase reported a trading volume of $159 billion in the third quarter.

The company cited headwinds affecting trading volume, but said it is retaining customers and seeing commitment to non-investment products.

Participation was a prominent element in the results of the third quarter, with the addition of Solarium SOL/USDrelated participation in June was a main driver for the company.

Coinbase added 22 crypto assets to custody and 20 to its trading platform in the third quarter to bring the total to 220 tradable assets.

Bitcoin USD/BTC trading volume represented 31% of total volume in the third quarter, in line with the second quarter. Ethereal EUR/USD trading volume was 33% of the company’s total, compared to 22% in the second quarter.

Related link: A Look At Coinbase Stocks In Q3 Earnings, Will Crypto Earnings Indicate Bullish Sentiment Is Returning?

Whats Next: The company is “cautiously optimistic” that it will be within the $500 million adjusted EBITDA loss it previously guided for the full fiscal year.

For the full year, the company said it expects to have fewer than 9 million users transacting monthly.

“While macro headwinds are out of our control, we continue to focus on factors within our control: reducing our product, focusing on delivering amazing customer experiences, and reducing our operating expenses,” the company said.

The company highlighted recent partnerships with black rock BLACK Y alphabet inc GOOGGOOGLE as reasons for optimism in the future.

“Looking ahead, we couldn’t be more excited about the industry-leading partnership, as well as the momentum and innovation we see in our own product portfolio and across the industry as a whole.”

The company reiterated that it has key strategic priorities moving forward.

“We are investing to make sure we are well positioned to meet future demand as the crypto economy grows.”

Coinbase said it will allow users to buy, sell, bet, pay, borrow and more from a single platform.

A retail app could attract the next 100 million users to the cryptocurrency sector, according to Coinbase.

COIN price action: Coinbase shares were up 2.62% at $57.26 in after-hours trading on Thursday.

Read next: Coinbase Analyst Ratings