Coinbase (COIN) Stock Slides Despite Surprise Third-Quarter Profit

TLDR Coinbase reported Q3 earnings of $2.51 per share, while FactSet analysts had forecast a loss of 23 cents. The stock fell in after-hours trading Thursday and is down 54% over the past 12 months. Most of the $718.7 million net profit came from unrealized crypto gains, and adjusted net income was $77.7 million. Prediction markets now generate $200 million in annualized revenue, 82% compound quarterly growth since the January launch. Spot trading volume was $134.5 billion, roughly half of last year’s level. Coinbase (COIN) stock slipped in after-hours trading Thursday after the company posted a surprise third-quarter profit.