Coinbase’s third-quarter earnings report came in weaker-than-expected on Wednesday, with the largest U.S. crypto exchange falling short of key profit and revenue expectations. As a result, Coinbase shares dove almost 10% on Thursday, falling to a low of $190.
Investors are dumping shares after revenue on the platform came in at $1.2 billion, falling $60 million short of the $1.26 billion Wall Street analysts expected. The company also missed the earnings-per-share target of 41 cents, reporting just 28 cents per share. Still, the company reported a profit.
