Coinbase Q3 net loss narrows to $2M; revenue down 5% Q/Q; repurchases $263M debt

Coinbase Global, Inc.

2023-Q3 EPS reported -$0.76 revenue$2,154,588,000

Q3 net loss of $2M (vs Q2 loss $97M); Adjusted EBITDA $181M, third consecutive positive quarter.
Total revenue $674M (-5% Q/Q); net revenue $623M; transaction revenue $289M (-12% Q/Q) due to low volatility.
Subscription & services revenue $334M, largely flat; stablecoin revenue $172M (+14% Q/Q) from USDC arrangement.
Repurchased $263M of 2031 Senior Notes at ~33% discount, using $177M cash.
Q4 outlook: Oct transaction revenue ~$105M; expects meaningful positive FY2023 Adjusted EBITDA (revised from prior goal).

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.75

Coinbase Global, Inc. reported the quarter ended September 30, 2023 results: revenue $674 million, net income $2 million.

Period: the quarter ended September 30, 2023
Revenue: $674 million
Net income: $2 million
Result: reported results

Exact text from the filing

a sustainable business to drive long term growth; in Q3, net loss was $2 million and we generated positive Adjusted EBITDA for the third consecutive quarter. Total revenue was $674 million, down 5% Q/Q. Net revenue was $623 million, down 6% Q/Q. Total operating expenses were $754 million, down 4% Q/Q, while technology & development, sales & marketing, and general &

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Source: SEC EDGAR

accession 0001679788-23-000112

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