In the third quarter of 2023, Coinbase reported net revenues of $623 million. Let’s compare this result to previous quarters.
Coinbase reports Q3 2023 results
As it has every 3 months since its IPO, Coinbase has published its quarterly results, this time for the period from June to September.
While the results are slightly down on the previous three months in terms of revenue alone, given the market calm observed during this period, they are nonetheless very interesting. At least that’s what the company emphasizes:
“Q3 was a solid quarter for Coinbase. In the midst of multi-year low volatility levels, we are pleased with our financial results. While we generated a net loss in Q3, we are on track to generate significant positive adjusted EBITDA for 2023, reflecting the direction we set ourselves at the beginning of the year to be a company capable of generating adjusted EBITDA in all market conditions. “
Thus, although Q3 net revenues, at $623 million, were just over 6% lower than in the April to June period, they were nevertheless more than 7.5% higher than last year. What’s more, operating losses came to $2 million, where they had been much higher in previous quarters:
Figure 1 – Coinbase Q3 2023 results
On the other hand, it may be interesting to look at the company’s cash flow. On this point, Coinbase has $5.5 billion in equity, most of it held in cash or mutual funds, but also a small portion in stablecoin USDC :
Figure 2 – Coinbase’s financial resources
As the cryptocurrency market regained momentum in the final quarter of 2023, it’s likely that Coinbase’s revenues will rise in the next financial year.
At the same time, COIN shares were trading at $84.6, up 8.73% on the previous day before the Wall Street opening. This values the company at $20.06 billion
