Summary by Moomoo AI
Coinbase reported strong financial results for Q3 2024, with total revenue increasing 79% year-over-year to $1.2 billion and net income reaching $75.5 million. Transaction revenue grew 98% to $572.5 million, while subscription and services revenue rose 66% to $556.1 million, driven by higher stablecoin revenue and blockchain rewards. Monthly Transacting Users increased 16% to 7.8 million.The company continued to diversify revenue streams and drive crypto utility through new products including derivatives, international expansion, custody services and deeper USDC integration. Trading Volume surged 143% to $185 billion, reflecting increased market share in the U.S. and improved crypto market sentiment. Operating expenses increased 37% to $1.04 billion as the company invested in growth initiatives.Looking ahead, Coinbase remains focused on driving revenue growth across market environments while advancing regulatory clarity. The board authorized a new $1 billion share repurchase program, demonstrating confidence in the company's financial position. Management expects Q4 technology/development and general/administrative expenses to remain stable, while sales/marketing costs may increase due to higher USDC rewards and brand spending.
