cryptojournalist
On Oct. 30, Coinbase’s stock (COIN) took a 3.7% hit in after-hours trading after the company’s Q3 2024 earnings report missed expectations, which Coinbase attributed to “softer market conditions.”
Revenue and Earnings Fall Short
In Q3, Coinbase reported revenue of $1.13 billion—a solid 81% increase from last year but still below Wall Street’s forecast of $1.26 billion, missing the target by nearly 11%. Earnings per share also came up short, at 28 cents versus the expected 45 cents, a gap of about 46.5%.
Stock Reaction
COIN closed down 3.61% at $211.74 and slipped further in after-hours trading to $203.94. Still, despite this setback, Coinbase’s stock is up around 35% this year, indicating long-term investor interest remains strong.
