Coinbase MTUs beat estimates, trading volumes miss
Coinbase's third quarter sales missed estimates while its Monthly Transacting Users (MTUs) topped expectations. Shares whipsawed in after-market trading. The cryptocurrency exchange said revenue for the third quarter was $590 million, coming in shy of the $641 million estimate of analysts surveyed by FactSet. MTUs came in at 8.5 million, above the 7.7 million estimate.
Coinbase also said next year would be difficult, noting that it was preparing "with a conservative bias and assuming that the current macroeconomic headwinds will persist and possibly intensify.". Shares in the exchange fluctuated after hours, first trading down around $53.40 before briefly trading above $60. Coinbase shares were trading at $57.50 after the market close, up from $55.80 at the close. MTUs were 9 million during the second quarter versus 9.2 million in the first quarter.
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