Coinbase Stock Slumps 14% Despite Higher Q3 Profit as Revenue Slows

Coinbase shares are tanking today after the company's Q3 earnings report disclosed disappointing revenue. On top of that, the massive security breach suffered by Binance is heavily weighing down on the crypto industry. Coinbase stock is down 14% today, after the company reported weaker third-quarter revenue. This comes despite the crypto exchange returning to profit after three straight quarters of losses. The company reported net revenue of $1.16 billion, down 34% from $1.76 billion a year earlier, below analysts' expectations of $1.21 billion. Transaction revenue is usually Coinbase’s biggest source of income.