The Coinbase (NASDAQ: COIN) stock gained 8% during Thursday’s trading session as the crypto exchange reported better-than-expected Q3 numbers. The COIN stock ended Thursday’s trading at $84.60 extending its 2023 gains to more than 150%.
Coinbase exceeded analysts’ expectations by announcing third-quarter revenue of $674.1 million, marking a 4.7% decrease from the previous quarter but a 14.2% increase from the corresponding period last year.
FactSet data revealed that analysts had anticipated quarterly revenue of $651 million. Coinbase reported a net loss of $2 million for the quarter, contrasting with a loss of $545 million during the same period the previous year.
Coinbase stated that in the third quarter, they acquired new licenses to expand into new markets and introduce new products. They also emphasized their ongoing efforts to enhance regulatory clarity within the United States.
Furthermore, Coinbase expressed optimism of achieving significant positive Adjusted EBITDA for the entire year of 2023. This represents a revision of their previous target, which aimed to improve full-year 2023 Adjusted EBITDA in absolute dollar terms compared to the full-year 2022 figures.
Interestingly, during the third quarter, Coinbase also generated $172 million in USDC stablecoin interest income, up from $151 million in the previous quarter. Coinbase is also expecting the tokenization of financial assets like US Treasury and bonds, to accelerate over the next year.