Coinbase beat analyst estimates after reporting third-quarter revenue of $674.1 million, a decline of 4.7% from the previous quarter but an increase of 14.2% from the same period last year.
Analysts had been expecting quarterly revenue of $651 million, according to FactSet.
"Q3 was a strong quarter for Coinbase," the company wrote in a letter to shareholders. " While we have generated a net loss through Q3, we are on track to deliver meaningful positive Adjusted EBITDA for 2023, reflecting the direction we set at the beginning of the year to be a company that can generate Adjusted EBITDA in all market conditions."
Coinbase posted a net loss of $2 million for the quarter, compared to a loss of $545 million in the same period of last year.
"In Q3, we obtained new licenses that enable us to access new markets and deliver new products [and] continued to drive toward regulatory clarity in the US," the company said in its earnings statement.
The company generated $172 million in USDC stablecoin interest income during the quarter. That's up from $151 in USDC interest income in the second quarter.
"We anticipate that we will generate meaningful positive Adjusted EBITDA in full-year 2023, revised from our prior goal of improving full-year 2023 Adjusted EBITDA in absolute dollar terms versus full-year 2022," it wrote in its outlook for the current quarter.
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