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
(责任编辑:商业观察)
-
这是企业网站最基本的功能,通常不需要企业考虑,网站建设公司都会为你设计好。...[详细]
-
Melania项目方出售1268万枚MELANIA换得541万美元
相比于代销品牌30%的毛利,自有品牌的毛利可以达到60%-70%。...[详细]
-
而你要做的,就是提前淘金“僵尸股”。...[详细]
-
企业要想稳步发展,就必须采取这些措施。...[详细]
-
说来说去,品质好才有话语权,才能和他们“叫板”。...[详细]
-
批发市场、海鲜市场、服装市场、汽车市场、电子市场们,什么时候能在保持价格亲民的同时,升级成专业的商业中心? 3. 由于国内资本市场过低的开放度,导致国内盛行个体户,再加上组建公司所需要的繁杂工...[详细]
-
1、不要纠结,先去做 我属于思考型人格吧,做任何事情在没有厘清思路前我会岿然不动,但在这个“唯快不破”的文化里,我很受煎熬,但也自然有成长。...[详细]
-
即,用户自付40%,剩余60%由商保账户直接支付。...[详细]
-
火币 HTX 对话 Web3 主持一姐 Moonlight:AI 和零 Gas 钱包赛道值得关注
各类企业纷纷放弃备胎,投入IPO的怀抱,但A股市场只会对优质的企业说,为什么现在才来找我,快躺到我的臂弯里。...[详细]
-
云南白药三季度营收增速仅0.76%,盈利能力增长乏力,面临持续增长压力
第一笔天使资金快烧完的时候,他到北京五道口的天桥下喝完半打啤酒,“妈的,重头来过!”他决定果断放弃原有项目,做全新的项目“礼物说”。...[详细]