coinbase app skew analytics gID 5 41JDcW

Coinbase Profits Drop 75% in Q3 Despite Dogecoin, SHIB Listings

Coinbase, the largest U.S.-based cryptocurrency exchange by trading volume, reported third quarter earnings of $406 million today.
While that number represents a 500% increase over Q3 2020, it’s nonetheless a sizable drop from its record April through June—its first reporting period as a publicly traded company—when it posted a net income of $1.6 billion.
Financial companies with crypto products have mostly been reporting reduced Q3 revenues compared to Q2, when markets were percolating.
Square, which permits Bitcoin buying and trading via its Cash App, announced a 23% drop in BTC revenue in Q3, contributing to a slight decrease in overall profit for the firm. Robinhood’s dropoff was steeper, with crypto revenue falling 78%. Total revenue for the stock and crypto trading app fell from $565 million to $365 million.
Zoom out, though, to year-over-year earnings and the picture is brighter. All three companies are riding crypto as a long-term strategy rather than a short-term fix.
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