Coinbase reported a drop in third-quarter revenue to $1.2 billion, down from $1.45 billion in Q2, but announced a $1 billion stock buyback plan. Despite the decline, the company posted a $75 million profit compared to a loss of $2 million the previous year.
Decrease in Trading Volumes
The decline was attributed to lower trading volumes, especially among retail customers. Transaction revenue from retail users fell 27% to $483 million, while institutional transaction revenue decreased by 13% to $55 million.Strategy for Growth
Coinbase emphasized its focus on diversifying income sources, such as subscriptions and services revenue, which increased to $246 million. The company also highlighted the growth of its Ethereum Layer-2 network, Base, as a key area of future development.
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