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Investing.com – Coinbase Global reported Thursday third-quarter results that topped Wall Street estimates as a jump in crypto trading volumes boosted performance.
Coinbase Global Inc (NASDAQ:COIN) shares jumped around 5% in premarket trading Friday.
The cryptocurrency exchange reported Q3 earnings of $1.50 per share on revenue of $1.87 billion, beating with Wall Street expectations for earnings of $1.21 per share on revenue of $1.78B.
Adjusted EBITDA came in at $801 million, well above the consensus.
The results were driven by a growing transaction activity and continued growth in stablecoin-related services.
Transaction revenue jumped 83% to $1B in Q3 from a year earlier, while subscription and services revenue rose 34% to $747M.
Total trading volume climbed 59% year-over-year to $295 billion, with consumer trading volume at $59B and institutional trading at $236B.
Commenting on the report, Jefferies analysts highlighted "EBITDA beat on higher transaction revenues."
For Q4, Coinbase guided subscription and services revenue of $710M to $790M.
(Yasin Ebrahim contributed to this report.)