BlockBeats news, on October 31, according to CoinDesk, Coinbase’s total revenue in the third quarter was US$1.2 billion, lower than market expectations of US$1.26 billion. Earnings per share were US$0.28, while analysts expected US$0.45; Coinbase’s adjusted EBITDA in the third quarter was US$449 million, also lower than the expected US$469.2 million.
Coinbase said it authorized stock buybacks of up to $1 billion in October. The buyback does not have any expiration date and the company will purchase the shares based on market conditions. Within minutes of the report, the trading platform’s shares fell nearly 7%.