Coinbase snaps losing streak with third-quarter profit on lower expenses

Oct 29 : Cryptocurrency exchange Coinbase Global reported a quarterly profit on Thursday, snapping a three-quarter-long streak of losses, driven by lower operating expenses.

Total operating expenses in the third quarter fell about 17 per cent to $1.15 billion, compared with $1.39 billion for the same period in the prior year.

Cryptocurrency trading activity has struggled to regain momentum this year as investors grappled with shifting monetary policy expectations, weaker flows into digital asset investment products and periodic market volatility.

Transaction revenue dropped 43 per cent to $590.2 million during the quarter, from $1.05 billion a year earlier.

The company reported a profit of $718.7 million, or $2.51 per share, for the quarter ended September 30, compared with $432.6 million, or $1.50 per share, a year earlier.