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:货币)
-
”很多人都觉得这是在做烂好人,但投资就是这样,你现在做一点好事,等你什么时候不好了,别人才会愿意出来帮你。...[详细]
-
开发完第一款游戏后,公司现金流吃紧,没有余钱再去开发第二款游戏。...[详细]
-
文章中提到,“工程师文化就是自由加效率”、“精神自由才会引发各式各样的奇思怪想”等观点,他很认同。...[详细]
-
中证500概念31日主力净流出17.66亿元,中国长城、四川长虹居前
"希望工程"开始实施 1991年4月15日 宜:赞助希望工程,为庆希望工程生日,当天购物产品都贵1块,但100%利润捐给希望工程。...[详细]
-
广告、内容定制与付费 孙继海 北半球除了足球内容,还推出了NBA和电竞类节目,也有类似短剧的“十秒钟大电影”。...[详细]
-
” 此后的5年间,王功权相继投出赛维、汉庭、九阳等优质项目,年平均回报率超过30%,有的甚至超过40%。...[详细]
-
所以有关情怀和创业那点事,也就是这样的关系:情怀是一个不错的消费冲动,但它无论如何也替代不了市场竞争中所需要的核心竞争力。...[详细]
-
之前这位曾入选英格兰足球名人堂的前国脚想过从事教练和青训。...[详细]
-
实际上,这几年各行各业的创业都很火热,你可以去看一下每年有多少项目拿到天使,到年底又剩下多少,绝大多数肯定是没有办法赚到钱的。...[详细]
-
“说到以信用为基础,保险也是,它也是虚拟经济的一部分,它为实物以及创造实物的人提供保障。...[详细]