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Coinbase Stock Down 13% After Hours Following Mixed Q3 Earnings Report

Coinbase’s stock plummeted during extended trading on Tuesday following the release of the company’s third-quarter earnings report.
Data from the Nasdaq shows that COIN is down by 13.24% after hours, with the pre-market dump bringing the stock down to $310.58.
Coinbase’s stock plummeted below $221 in July but embarked on an impressive rally in the past month, closing at $357.39 on Tuesday. The last 24 hours have thus been particularly bearish for the firm.
The premarket price of the San Francisco-based crypto exchange stood at $310.58, by press time.
COIN price from October 5, 2021, to present. Source: TradingView
Coinbase misses the mark
Coinbase reported its Q3 2021 earnings of $406 million on Tuesday, indicating a 75% drop from the firm’s record Q2 when the exchange posted a net income of $1.6 billion.
Despite the setback, this is still an impressive 500% increase over Q3 2020 for America’s largest crypto exchange which debuted as a publicly traded company on the Nasdaq in A

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