Coinbase's third quarter profit declines, announces $1 billion stock buyback plan
Coinbase announced on Wednesday during its third quarter earnings report that its board of directors has approved a $1 billion stock buyback plan.
In October 2024, our board of directors authorized and approved a stock repurchase plan that allows for the repurchase of up to $1 billion of outstanding Class A common stock without a deadline. Coinbase stated, "The timing and amount of any repurchase will depend on market conditions
Coinbase also stated that its balance sheet is "robust," with $8.2 billion in US dollar resources at the end of the third quarter, an increase of $417 million from the previous quarter.
The company added that the repurchase plan will be at its own discretion and there is no obligation to repurchase any amount or quantity of Class A common stock in US dollars, and the plan may be modified, suspended, or terminated at any time.
Coinbase (COIN) stock price fell 5.33% to $200.48 in after hours trading.
Profit mostly decreases
Due to cryptocurrency prices trading at a lower level in 2023, Coinbase's net income, net profit, and adjusted EBITDA have all increased compared to the same period last year. But compared to the previous quarter, only net profit increased, reaching $75 million, higher than the $36 million in the second quarter.
Coinbase's net revenue for the third quarter was $1.13 billion, lower than the previous quarter's $1.38 billion. The adjusted EBITDA for the third quarter was $449 million, compared to $596 million in the previous quarter.
Compared to the second quarter, stablecoin revenue is one of the few sources of income that has improved. Coinbase reported its stablecoin revenue of $247 million, a slight increase from the previous quarter's $240 million, and a slight increase in company interest and other income.
We have seen a significant increase in stablecoin trading volume between quarters. We believe that this growth is partly driven by a product update that allows advanced traders to trade stablecoins more conveniently on our platform, "Coinbase said in its statement." Although we have incurred almost no fees in stablecoin trading, the adoption growth of stablecoins (especially USDC) is at the core of our strategy, as we monetize USDC through commercial arrangements with USDC issuers
data source
相关文章:
相关推荐:
- 高新兴收盘涨6.25%,主力资金净流入9640.69万元
- 百元股概念31日主力净流出6.32亿元,比亚迪、五粮液居前
- 泰康平安重疾险审核要多久出结果的呀?
- 瑞和股份收盘涨10.14%,主力资金净流入2093.29万元
- 10月31日长江旭日混合A净值增长0.03%,近3个月累计上涨12.02%
- 飞天诚信收盘涨1.07%,主力资金净流出2579.67万元
- 噪声防治概念31日主力净流入1147.84万元,天晟新材、祥源新材居前
- 硬件钱包ledger-硬件钱包ledger怎么买
- meme币ios内测版 meme币最新版下载官方app下载苹果版
- USDT钱包6月抢先版下载-USDT钱包DEX交易v6.3.7官网下载
- 人人贷不还款有什么后果?不还钱的后果严重吗?
- 跨境支付概念31日主力净流出73.43亿元,润和软件、四川长虹居前
- OKX Token2049 速遞:首席營銷官 Haider 揭祕 OKX 錢包全新升級的五個關鍵細節
- 10月31日银华港股通精选股票发起式C净值下跌0.27%,近1个月累计下跌6.47%
- 火币网盈利
- 10月31日华夏国企红利混合发起式A净值增长0.07%,近3个月累计上涨4.49%
- 在拍拍贷上做小额贷款利息高不高呢?
- 10月31日嘉实策略优选混合净值增长0.09%,今年来累计上涨3.35%
- 怎么联系用电矿场 怎么联系用电矿场客户
- 10月31日广发百发大数据价值混合C净值增长1.00%,近6个月累计上涨17.96%