Coinbase shares drop after-hours on Q3 earnings miss

Shares of Coinbase Global Inc (COIN) dropped nearly 3.7% in after-hours trading as its third-quarter 2024 results for earnings and revenue came in below Wall Street estimates, with the crypto exchange blaming “softer market conditions.”

Coinbase’s Q3 results shared on Oct. 30 show revenues hit $1.13 billion, up over 81% from the same quarter a year ago but missing Wall Street analysts forecasted revenues of $1.26 billion by nearly 11%.

The crypto exchange’s earnings per share came in at 28 cents, missing analyst expectations of 45 cents a share by 46.5%.

Related: Coinbase CEO wants next SEC chair to apologize for ‘damage’ done

COIN closed down 3.61% at $211.74 and continued to fall a further 3.68% to $203.94 in early after-hours trading, according to Google Finance. Its share price is up around 35% year-to-date.

Coinbase traded mostly flat on Oct. 30, dropping after hours after it missed earnings expectations. Source: Google Finance

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This is a developing story, and further information will be added as it becomes available.