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:宏观研究)
-
这样的运营方式在北京很少见,大部分的分时租赁平台都会要求用户将车辆停在指定停车场的指定停车位(带有充电桩的停车位),有的还会要求用户插上充电插头。...[详细]
-
五一假期的meme狂欢,GORK是怎么让马斯克换头像的?|100x复盘
有时候先做SaaS,再去做PaaS的话,肯定是这个PaaS没有搭建好。...[详细]
-
空投「造富幻梦」破碎后,撤出 Scroll 的资金该如何配置?
GoogleAnalytics可以轻松地嵌入在网页中并告诉你用户与网站的交互情况,而且完全免费。...[详细]
-
网易云音乐: 最终投放85条内容,从4亿条乐评中挑选而出 据网易云音乐推文介绍,这次地铁海报上的85条评论,均来自网易云音乐点赞数最高的5000条优质乐评,经过层层筛选,最终映...[详细]
-
在这种环境之下,就会显得友情链接显得格外重要,毕竟交换友情链接是互惠互利的一个过程。...[详细]
-
那么这么大容量的市场,是否意味着棋牌游戏创业者可以轻松挖掘到“第一桶金”?我看未必。...[详细]
-
在A股的“漂亮50”基本上是白酒+家电,再叠加海康,歌儿股份这类电子股。...[详细]
-
根据这套理论,世界上有一种促进创造性思维的结构,叫做发明前框架。...[详细]
-
而之后的支付宝“校园日记”,也是首先从知乎平台发酵,从而引起整个媒体乃至央视对其的讨论批评,而后才有支付宝高管彭蕾发布道歉信和对校园日记进行关停整改而暂时落幕。...[详细]
-
衣食住行玩之外的领域,有些方向只能称得上是次高频或者中频,但比起低频,还是有可为的。...[详细]