Coinbase’s revenue fell 35% year over year to $1.216 billion in the quarter ended Sept. 30, while transaction revenue dropped 44% to $590.2 million, alongside reported net income of $718.7 million.
Total revenue was down from $1.869 billion a year earlier, according to the company’s quarterly filing. Transaction revenue, which was $1.046 billion in the year-ago quarter, accounted for $590.2 million of the latest period’s revenue.
Coinbase reported $715 million in net gains on crypto assets held for investment as part of its $718.7 million in net income. The filing reports both figures for the three months ended Sept. 30.
Chief Financial Officer Alesia Haas described the business as healthy despite the market conditions. “The market backdrop was challenging, but the business is healthy,” she said in Coinbase’s Oct. 29 earnings presentation transcript.
