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Coinbase Revenue Report For Q3 Reveals Increased Profits Mainly Due To Meme Coins.

Coinbase, the largest cryptocurrency exchange in the United States, reported 1.24 billion in revenue in the third quarter ended September 30, falling short of analysts’ expectations of $1.57 billion and the $ 2 billion achieved in the second quarter.

Coinbase slammed the dismal results “in the lackluster crypto market environment, driven by low volatility and declining crypto asset values,” resulting in fewer users and reduced transaction fees and transaction costs in a letter to shareholders on Tuesday.

During the immersion of a number of cryptocurrencies this summer, Coinbase users traded a little. The platform’s operating revenue fell to $1.09 billion in the third quarter, down from $1.93 billion the previous quarter. Coinbase monthly users declined 7.4 million from 8.8 million in the second quarter, albeit this amount was higher than the 6.85 million projected by analysts.

Investors sold stock on Tuesday, with Coinbase shares falling 12 percent in extended trading following a revenue report, but the business forecasts a fourth-quarter comeback, and there are many signs that such a return is possible.

During the immersion of a number of cryptocurrencies this summer, Coinbase users traded a little. The platform’s operating revenue fell to $1.09 billion in the third quarter, down from $1.93 billion the previous quarter. Coinbase monthly users declined 7.4 million from 8.8 million in the second quarter, albeit this amount was higher than the 6.85 million projected by analysts.

Investors sold stock on Tuesday, with Coinbase shares falling 12 percent in extended trading following a revenue report, but the business forecasts a fourth-quarter comeback, and there are many signs that such a return is possible.

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