Coinbase suffered a loss of $544 million in the third quarter of 2022 — compared with bumper profits of $406 million a year ago.
Several major crypto businesses reported financial results on Thursday — and it's a mixed bag to say the least.
Coinbase suffered a loss of $544 million in the third quarter of 2022 — compared with bumper profits of $406 million a year ago.
But in one bright spot for the exchange, it had 8.5 million transacting users — far beyond the 7.8 million analysts had expected.
Things were much brighter over at Block, which saw third-quarter revenues surge as Cash App grew.
Despite demand for Bitcoin cooling as prices fell, Cash App increased gross profit by 51% in the three months to Sept. 30.
Elsewhere, PayPal — which allows its customers to buy and sell crypto — saw its shares fall after slashing its annual revenue growth forecast.
