Coinbase Posts $719 Million Profit as Q3 Revenue Falls 35%

Coinbase posted $719 million in net income for the third quarter, returning to profit after three straight quarterly losses even as revenue fell 35% year over year. Revenue totaled $1.22 billion, and net income was up 66% from a year earlier. Unrealized cryptocurrency gains accounted for much of the reported profit, while adjusted net income was $78 million. Subscription and services generated 49% of net revenue, and prediction markets exceeded $200 million in annualized revenue. Daily traders in prediction markets increased more than 60% from the previous quarter.