Coinbase third-quarter data beats expectations, USDC interest income rebounds to $172 million

Coinbase reported third-quarter revenue of $674.1 million, exceeding analysts' expectations, declining 4.7% from the previous quarter, but increasing by 14.2% year-on-year. Analysts had expected quarterly revenue of $651 million, according to FactSet. “Q3 was a strong quarter for Coinbase,” the company wrote in a letter to shareholders. “While we incurred a net loss in Q3, we are on track to deliver positive Adjusted EBITDA in 2023 , which reflects the direction we set at the beginning of the year to become a company that can generate (positive) Adjusted EBITDA under all market conditions." Coinbase reported a net loss of $2 million in the quarter, compared with a loss of $545 million in the same period last year.